Hawaiian Electric Industries Inc

HE

Equity

ISIN US4198701009 / Valor 938099

New York Stock Exchange, Inc (2024-12-26)

USD 9.91+0.51%

Hawaiian Electric Industries Inc
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About company

Hawaiian Electric Industries Inc. (HEI) operates as a holding company with a primary focus on the electric utility and banking sectors within Hawaii. Its subsidiary, Hawaiian Electric Company, Inc., plays a significant role in the state's energy sector, although HEI itself does not directly sell products or services and is not regulated by the state public utilities commission. This structure allows HEI to oversee operations and investments in its subsidiaries without engaging in the day-to-day provision of electric utility services. The distinction between HEI and its operational subsidiaries is crucial for understanding its business model, which leverages the synergies between utility services and financial operations to serve the needs of Hawaii's residents and businesses.

Summarized from source with an LLMView SourceSector: Energy

Revenue Growth

Hawaiian Electric Industries Inc. reported a significant increase in revenue for the first quarter of 2024. The company achieved a total revenue of $54.7 million, reflecting a robust performance compared to the previous year. This growth was driven by higher utility sales and improved economic conditions in Hawaii.

Net Income

For the first quarter of 2024, Hawaiian Electric Industries Inc. posted a GAAP net income of $18.6 million. This marks a decrease from the $49.3 million reported in the same quarter of the previous year. The decline in net income was primarily due to increased operational expenses and wildfire-related costs.

Earnings Per Share

Hawaiian Electric Industries Inc. reported earnings per share (EPS) of $0.17 for the first quarter of 2024. This is a decrease from the $0.50 EPS reported in the first quarter of 2023. The reduction in EPS is attributed to the lower net income and higher shares outstanding.

Dividends

Hawaiian Electric Industries Inc. declared a dividend of $13 million for the first quarter of 2024, consistent with the previous quarter. The company continues to prioritize shareholder returns while managing its liquidity and capital allocation effectively.

Liquidity Management

As of the end of the first quarter of 2024, Hawaiian Electric Industries Inc. had $127 million in cash on hand at the holding company level and $130 million at the utility level. The company is carefully managing its cash and securing additional sources of liquidity to navigate the financial impacts of ongoing litigation and operational needs.

Summarized from source with an LLMView Source

Key figures

-29.5%1Y

-75.4%3Y

-78.8%5Y

Performance

69.0%1Y

64.1%3Y

54.8%5Y

Volatility