HE
Hawaiian Electric Industries, Inc.11.81
-0.07-0.59%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
PBR rebasing details emerge in Q&A
Q&A provided fresh details on PBR rebasing, including true-up mechanisms, tighter PIMS with 150-200 bps upside if targets stay in control, and potential EPRM expansion—aiming to submit joint proposal by March 6. Management favors convertible debt for the second settlement payment post-approval, eyes opportunistic ATM use, and plans to divest the remaining 9.9% ASB stake in 2026. Courts consistently support settlement appeals; rebasing denial would trigger a traditional rate case. Wildfire liability cap rulemaking spans 18-24 months. Progress sharpens the path ahead. Investors track PBR Phase 6 guidance.
Key Stats
Market Cap
2.04BP/E (TTM)
5.44Basic EPS (TTM)
2.17Dividend Yield
0%Recent Filings
8-K
Updates ATM tax disclosures
Hawaiian Electric Industries updated its 'Certain Material U.S. Federal Income Tax Considerations' for non-U.S. holders in its $250 million ATM offering of common stock, filed via Exhibit 99.1 on March 2, 2026. This replaces prior prospectus language, detailing withholding on dividends (up to 30%), gain taxes if a USRPHC, and FATCA rules. Tax clarity aids foreign investors. No sales reported yet.
10-K
FY2025 results
HEI's electric utility delivered FY2025 net income of $168M, rebounding from $1.2B loss in 2024 driven by $1.9B wildfire tort settlement accrual; revenues dipped 4% y/y to $3.1B on lower fuel prices, while kWh sales rose 2.5% to 8.4B amid warmer weather and Maui recovery. Q4 momentum showed RPS climbing to 36.8% (up from 35.8% FY2024), yet carbon reduction slipped to 25% from 27% on higher usage; margins held as heat rates improved but O&M climbed on wildfire mitigation and legal costs. Utilities ended with $1.1B liquidity, bolstered by $500M notes issuance, yet face $1.9B phased wildfire payouts. No annual guidance disclosed. Extreme weather events could disrupt quarterly reliability metrics.
8-K
HEI posts $123M 2025 profit
HEI swung to $123M net income ($0.71/share) for 2025 from a $1.4B loss in 2024, driven by no repeat of $1.9B wildfire tort accrual while core income held steady at $149M ($0.86/share). Utility hit 37% renewables, stabilized residential bills, and advanced wildfire safety with regulator-approved strategy and nearing tort settlement. Core operations resilient.
8-K
HEI Q3 profit rebounds
HEI posted Q3 2025 net income of $31M ($0.18/share), swinging from last year's wildfire-hit loss, with Core income steady at $33M ($0.19/share). Hawaiian Electric earned $37M versus $83M loss, boosted by absent $203M tort accrual. Expanded credit to $600M; issued ~$500M debt for safety investments. Maui settlement awaits court approval; first payment not before Q1 2026. Liquidity bolsters resilience push.
10-Q
Q3 FY2025 results
HEI swung to $0.18 diluted EPS from continuing operations in Q3 ended September 30, 2025, up from -$0.91 y/y, as electric utility revenues dipped 5% to $787M on lower fuel prices yet operating income flipped to $63M profit from -$105M loss (derived), absent 2024's $163M wildfire tort accrual. YTD revenues fell 6% to $2.3B while operating income soared to $168M from -$1.8B loss (derived), reflecting normalized wildfire costs; diluted EPS hit $0.48 from -$12.16 y/y, confirmed vs. 173K shares. Cash swelled to $548M with $813M undrawn credit, but $1.9B wildfire settlement looms in four $479M installments starting 2026. Solid cash flow at $285M YTD funds capex, yet Maui litigation drags liquidity.
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