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Yahoo
31-07-2025
- Business
- Yahoo
Hawaiian Electric Industries, Inc. (HE) Rolls Out AI-Driven Wildfire Defense System
We recently compiled a list of Hawaiian Electric Industries, Inc. stands fourth on our list. Hawaiian Electric Industries, Inc. (NYSE:HE), the primary energy provider for 95% of Hawaii's population, is advancing its commitment to renewable energy and grid modernization while addressing wildfire safety. Operating across Oahu, Hawaii, Maui, Lanai, and Molokai, the company is focused on strengthening its core utility business and transitioning to a more resilient, sustainable energy system. A major step in its clean energy transition is the Hoohana Solar project, which began operations in July 2025. This marks a significant milestone in expanding grid-scale renewable capacity and supports Hawaii's decarbonization goals. Hawaiian Electric Industries, Inc. (NYSE:HE) is also prioritizing wildfire safety, investing $120 million in 2024 to reduce wildfire risk by an estimated 60%. This includes installing fire-safe fuses, AI-assisted cameras, weather stations, and upgrading utility poles and overhead lines. The business launched a Public Safety Power Shutoff program and plans to submit a comprehensive wildfire safety plan to the Hawaii Public Utilities Commission in 2025. A view of the skyline from an electricity pylon, to show the ubiquity of the companies energy products. Financially, the firm is strengthening its balance sheet by selling its stake in American Savings Bank to reduce debt and fund utility-focused initiatives, including wildfire mitigation efforts. As one of the cheap utility stocks, institutional investors like Allianz Asset Management and Bank of New York Mellon have recently increased their stakes in Hawaiian Electric Industries, Inc. (NYSE:HE), reflecting market confidence. While we acknowledge the potential of GOOGL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None.
Yahoo
21-02-2025
- Business
- Yahoo
HEI Reports Fourth Quarter and Full Year 2024 Results
Favorable Hawaii Supreme Court Decision Provides Clarity Needed to Help Finalize Maui Tort Litigation Settlement Strong Execution on Strategic Priorities in a Pivotal Year Definitive Settlement Agreements Reached in Maui Wildfire Tort Litigation Sale of 90.1% of American Savings Bank Simplified HEI's Strategy and Regulatory Position While Allowing Enhanced Focus on Utility Business; Proceeds Will Be Used to Reduce Debt Rapid Implementation of Utility Wildfire Mitigation Efforts: Grid Hardening and Redesign, Improved Situational Awareness and Operational Practices, and Enhanced Stakeholder Engagement Efforts Implemented to Reduce Risk Utility Achieved a 36% Renewable Portfolio Standard in 2024, Accelerating Progress Toward the 2030 Milestone of 40% Typical Residential Bill Decreased 7% in 2024; Utility Returned $18 Million in Bill Credits to Customers HONOLULU, February 21, 2025--(BUSINESS WIRE)--Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported a net loss for the full year 2024 of $1,426 million, or $11.23 per share, compared to net income of $199 million, or $1.81 per share in 2023. Excluding the impacts of discontinued operations, Maui wildfire-related expenses and the Pacific Current asset impairment recorded in the third quarter, Core1 income from continuing operations was $124 million, or $0.98 per share, compared to $152 million, or $1.38 per share in 2023. The fourth quarter 2024 net loss was $68 million, or $0.40 per share, compared to net income of $49 million, or $0.44 per share, in the fourth quarter of 2023. Core income from continuing operations was $35 million for the fourth quarter of 2024 compared to $37 million in the fourth quarter of 2023. "The past year was pivotal in our company's history, and I am proud of the significant progress we've made to address the challenges before us and build a foundation for long-term success," said Scott Seu, HEI president and CEO. "Over the course of the year, we achieved numerous milestones in our efforts to regain HEI's financial strength and emerge a stronger, more resilient company best positioned to serve our communities for the long term. The settlement agreements signed in November, along with the favorable Hawaii Supreme Court decision issued earlier this month, allow us to move forward with a clearer line of sight toward resolution of the Maui wildfire tort litigation. The sale of over 90% of American Savings Bank in December simplifies our strategy and regulatory position while allowing us to reduce holding company debt and focus more on our core utility business. The utility continued to rapidly progress its wildfire mitigation efforts throughout the year, and operational changes, new technology and the Public Safety Power Shutoff program implemented in 2024 have led to substantial strides in reducing risk of ignition from utility equipment. We also saw significant progress on another key strategic initiative, with the utility reaching a 36% renewable portfolio standard in 2024. This puts us on track to meet the 40% by 2030 milestone significantly ahead of schedule. These collective actions position our company well as we continue our commitment to a stronger, more resilient and more financially healthy future." As previously disclosed, on February 10, 2025 the Hawaii Supreme Court issued a decision regarding the reserved questions posed to them by the Second Circuit Court. The Hawaii Supreme Court's decision clarifies that, once the settlement becomes final, insurers seeking to recover amounts paid to settling plaintiffs cannot separately sue defendants, including for amounts beyond the settlement agreed to by the plaintiffs and defendants. The Court's decision aligns with the Company's and plaintiffs' positions on key questions that arose from insurers' challenges to the settlement agreements reached in the Maui wildfire tort litigation. HAWAIIAN ELECTRIC COMPANY (HAWAIIAN ELECTRIC) EARNINGS2 Full Year Results: Hawaiian Electric's full-year net loss was $1,226 million, compared to net income of $194 million in 2023, with the decrease primarily driven by the following items: $1,875 million ($1,392 million after-tax) loss due to the accrual of estimated wildfire liabilities from tort-related legal claims and cross claims as of December 31, 2024 (net of insurance recoveries); $76 million ($56 million after taxes) in higher operations and maintenance (O&M) expenses, driven principally by the settlement of indemnification claims asserted by the state, higher wildfire mitigation program expenses and higher property and general liability insurance costs; and $7 million ($6 million after taxes) of higher depreciation expense. These items were partially offset by the following: $43 million ($29 million after taxes) higher revenues, including $25 million from the annual revenue adjustment mechanism, $7 million from the major project interim recovery mechanism, $6 million of demand response program revenues (offset by expenses included in O&M) and $5 million from performance incentive mechanisms; $4 million ($3 million after taxes) of lower interest expense; and $3 million ($2 million after taxes) from a gain on sale of property. Hawaiian Electric's Core net income for 2024 was $181 million. Pre-tax wildfire-related expenses of $2,019 million were partially offset by $86 million in insurance recoveries and $38 million of costs deferred pursuant to the Public Utilities Commission's decision allowing Hawaiian Electric to defer these costs. Fourth Quarter Results: Hawaiian Electric's net income for the fourth quarter of 2024 was $46 million, compared to $58 million in the fourth quarter of 2023, with the variance driven by the following items: $30 million ($25 million after taxes) of higher O&M, $13 million ($9 million after taxes) in higher revenues, $3 million ($2 million after taxes) from a gain on sale of property and a $3 million ($2 million after taxes) impact from better heat rate performance. Hawaiian Electric's Core net income was approximately $49 million for both the fourth quarters of 2024 and 2023. Utility Dividend Update The utility dividend to HEI continues to be suspended, as holding company cash needs are limited following HEI's recent equity issuance and the continued suspension of the dividend to HEI's common equity shareholders. DISCONTINUED OPERATIONS - AMERICAN SAVINGS BANK (ASB) As previously announced, on December 31, 2024 HEI, ASB and ASB Hawaii (ASB's parent holding company) closed on the sale of 90.1% of the common stock of ASB to various investors. Accordingly, the results of ASB are presented as discontinued operations in the consolidated financial statements. For the full year 2024, the loss from discontinued operations totaled $103 million, compared to net income of $53 million in 2023. Excluding wildfire expenses, the goodwill impairment recorded in the second quarter, and the net loss recorded in accordance with the December 2024 sale transaction, Core income for 2024 was $79 million. HOLDING AND OTHER COMPANIES The holding and other companies' net loss was $96 million in 2024 compared to $48 million in 2023. The higher net loss for the year was primarily due to the Pacific Current asset impairment recorded in the third quarter, higher wildfire-related expenses and higher expenses at Pacific Current. Core net loss for the year was $56 million compared to $43 million in 2023. The fourth quarter 2024 net loss was $17 million compared to $13 million in the fourth quarter of 2023. The higher net loss compared to the prior year quarter was primarily due to lower Pacific Current net income. Core net loss for the fourth quarter of 2024 was $14 million compared to $12 million in the fourth quarter of 2023. EARNINGS RELEASE, WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS HEI will conduct a webcast and conference call to review its fourth quarter and full year 2024 consolidated financial results today at 11:30 a.m. Hawaii time (4:30 p.m. Eastern). To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials (which include reconciliation of non-GAAP measures) and/or listen to the conference call by visiting the conference call link on HEI's website at under "Investor Relations," sub-heading "News and Events — Events and Presentations." A replay will be available online and via phone. The online replay will be available on HEI's website about two hours after the event. The audio replay will also be available about two hours after the event through March 7, 2025. To access the audio replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199 (international) and enter passcode 2393042. HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) intend to continue to use HEI's website, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI's website, in addition to following HEI's and Hawaiian Electric's press releases, HEI's and Hawaiian Electric's Securities and Exchange Commission (SEC) filings and HEI's public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the "Investor Relations" section of the website. The information on HEI's website is not incorporated by reference into this document or into HEI's and Hawaiian Electric's SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI's and Hawaiian Electric's SEC filings. ABOUT HEI The HEI family of companies provides the energy services that empower much of the economic and community activity of Hawaii. HEI's electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii's population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy, and modernize and harden the grid to ensure resilience and public safety. HEI also helps advance Hawaii's sustainability goals through investments by its non-regulated subsidiary, Pacific Current. For more information, visit NON-GAAP MEASURES Measures described as "Core" are non-GAAP measures which exclude Maui wildfire-related costs, the asset impairment taken in connection with HEI's ongoing review of strategic options for Pacific Current and expenses recorded in connection with the review of strategic options for ASB. See "Explanation of HEI's Use of Certain Unaudited Non-GAAP Measures" and the related GAAP reconciliations at the end of this release. This release may contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as "will," "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates" or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance. Forward-looking statements in this release should be read in conjunction with the "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" discussions (which are incorporated by reference herein) set forth in HEI's Annual Report on Form 10-K for the year ended December 31, 2023 and HEI's other SEC periodic reports and filings that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Note: Throughout this release, per share values are calculated based on diluted shares. 1Measures described as "Core" for the periods in this news release are non-GAAP measures which exclude Maui wildfire-related costs, and expenses taken in connection with strategic reviews for Pacific Current and American Savings Bank. See the "Explanation of HEI's Use of Certain Unaudited Non-GAAP Measures" and the related GAAP reconciliation at the end of this release. 2 Utility amounts indicated as after-tax in this earnings release are based upon adjusting items using a current year composite statutory tax rate of 25.75%. Hawaiian Electric Industries, Inc. (HEI) and SubsidiariesCONSOLIDATED STATEMENTS OF INCOME DATA(Unaudited) Three months endedDecember 31 Years ended December 31 (in thousands, except per share amounts) 2024 2023 2024 2023 Revenues Electric utility $ 796,174 $ 849,982 $ 3,206,700 $ 3,269,521 Other 3,006 3,442 13,150 17,982 Total revenues 799,180 853,424 3,219,850 3,287,503 Expenses Electric utility (includes nil and $1,875 million of provision, net, for Wildfire tort-related claims recorded in quarter and year ended December 31, 2024, respectively) 722,383 768,682 4,818,558 2,967,363 Other (includes $35 million of impairment recorded in third quarter of 2024) 23,135 10,411 108,052 45,148 Total expenses 745,518 779,093 4,926,610 3,012,511 Operating income (loss) Electric utility 73,791 81,300 (1,611,858 ) 302,158 Other (20,129 ) (6,969 ) (94,902 ) (27,166 ) Total operating income (loss) 53,662 74,331 (1,706,760 ) 274,992 Retirement defined benefits credit—other than service costs 903 1,017 3,754 4,014 Interest expense, net (31,131 ) (34,273 ) (127,207 ) (125,532 ) Allowance for borrowed funds used during construction 1,409 1,403 5,470 5,201 Allowance for equity funds used during construction 3,510 4,091 13,786 15,164 Interest income 9,433 9,105 19,362 9,105 Loss on equity-method investment — (644 ) — (644 ) Income (loss) from continuing operations before income taxes 37,786 55,030 (1,791,595 ) 182,300 Income tax expense (benefit) 8,147 8,999 (470,962 ) 34,534 Income (loss) from continuing operations 29,639 46,031 (1,320,633 ) 147,766 Preferred stock dividends of subsidiaries 473 473 1,890 1,890 Income (loss) from continuing operations for common stock 29,166 45,558 (1,322,523 ) 145,876 Income (loss) from discontinued operations (97,411 ) 3,231 (103,486 ) 53,362 Net income (loss) for common stock $ (68,245 ) $ 48,789 $ (1,426,009 ) $ 199,238 Continuing operations - Basic earnings (loss) per common share $ 0.17 $ 0.41 $ (10.42 ) $ 1.33 Discontinued operations - Basic earnings (loss) per common share (0.56 ) 0.03 (0.81 ) 0.49 Basic earnings (loss) per common share $ (0.40 ) $ 0.44 $ (11.23 ) $ 1.82 Continuing operations - Diluted earnings (loss) per common share $ 0.17 $ 0.41 $ (10.42 ) $ 1.33 Discontinued operations - Diluted earnings (loss) per common share (0.56 ) 0.03 (0.81 ) 0.48 Diluted earnings (loss) per common share $ (0.40 ) $ 0.44 $ (11.23 ) $ 1.81 Dividends declared per common share $ — $ — $ — $ 1.08 Weighted-average number of common shares outstanding 172,466 110,134 126,927 109,739 Weighted-average shares assuming dilution 172,466 110,301 126,927 110,038 Income (loss) from continuing operations for common stock by segment Electric utility $ 46,396 $ 58,183 $ (1,226,362 ) $ 193,952 Other (17,230 ) (12,625 ) (96,161 ) (48,076 ) Income (loss) from continuing operations for common stock $ 29,166 $ 45,558 $ (1,322,523 ) $ 145,876 Comprehensive income (loss) attributable to HEI $ (96,214 ) $ 117,463 $ (1,422,825 ) $ 245,916 Return on average common equity (%) (twelve months ended)1 NM 8.8 1 Simple Not meaningful. This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Hawaiian Electric Company, Inc. (Hawaiian Electric) and SubsidiariesCONSOLIDATED STATEMENTS OF INCOME DATA(Unaudited) Three months endedDecember 31 Years ended December 31 ($ in thousands, except per barrel amounts) 2024 2023 2024 2023 Revenues $ 796,174 $ 849,982 $ 3,206,700 $ 3,269,521 Expenses Fuel oil 256,059 329,728 1,078,045 1,211,420 Purchased power 173,061 172,779 703,371 671,769 Other operation and maintenance 156,024 126,373 609,672 533,557 Wildfire tort-related claims, net — — 1,875,000 — Depreciation 62,706 60,924 251,142 243,705 Taxes, other than income taxes 74,533 78,878 301,328 306,912 Total expenses 722,383 768,682 4,818,558 2,967,363 Operating income (loss) 73,791 81,300 (1,611,858 ) 302,158 Allowance for equity funds used during construction 3,510 4,091 13,786 15,164 Retirement defined benefits credit—other than service costs 1,034 1,076 4,137 4,303 Interest expense and other charges, net (20,457 ) (22,575 ) (82,082 ) (86,140 ) Allowance for borrowed funds used during construction 1,409 1,403 5,470 5,201 Interest income 2,078 6,454 6,633 6,454 Income (loss) before income taxes 61,365 71,749 (1,663,914 ) 247,140 Income tax expense (benefit) 14,470 13,067 (439,547 ) 51,193 Net income (loss) 46,895 58,682 (1,224,367 ) 195,947 Preferred stock dividends of subsidiaries 229 229 915 915 Net income (loss) attributable to Hawaiian Electric 46,666 58,453 (1,225,282 ) 195,032 Preferred stock dividends of Hawaiian Electric 270 270 1,080 1,080 Net income (loss) for common stock $ 46,396 $ 58,183 $ (1,226,362 ) $ 193,952 Comprehensive income (loss) attributable to Hawaiian Electric $ 46,426 $ 58,337 $ (1,226,425 ) $ 193,940 OTHER ELECTRIC UTILITY INFORMATION Kilowatthour sales (millions) Hawaiian Electric 1,608 1,604 6,134 6,138 Hawaii Electric Light 267 272 1,047 1,043 Maui Electric 276 264 1,038 1,046 2,151 2,140 8,219 8,227 Average fuel oil cost per barrel $ 104.38 $ 132.47 $ 115.00 $ 126.73 Return on average common equity (%) (twelve months ended)1 NM 8.2 1 Simple Not information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC. Explanation of HEI's Use of Certain Unaudited Non-GAAP Measures HEI management uses certain non-GAAP measures to evaluate the performance of HEI. Management believes these non-GAAP measures provide useful information and are a better indicator of the companies' core operating activities. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP1 earnings to non-GAAP Core earnings. The reconciling adjustments from GAAP earnings to Core earnings are limited to the costs related to the Maui wildfires, costs related to the strategic review and majority sale of ASB, and the asset impairment taken in connection with HEI's ongoing review of strategic options for Pacific Current. Management does not consider these items to be representative of the company's fundamental core earnings. Reconciliation of GAAP to non-GAAP MeasuresHawaiian Electric Industries, Inc. (HEI) and SubsidiariesUnaudited Three months endedDecember 31 Years ended December 31 (in thousands) 2024 2023 2024 2023 Maui wildfire-related costs2 Pretax expenses: Legal expenses $ 13,449 $ 23,768 $ 69,779 $ 33,969 Outside services expenses 7,541 6,640 11,014 12,024 Wildfire tort-related claims — — 1,915,000 75,000 Other expenses 8,281 1,034 35,403 3,519 Interest expense 3,185 1,645 14,834 2,600 Pretax expenses 32,456 33,087 2,046,030 127,112 Insurance recoveries (11,089 ) (29,580 ) (94,699 ) (104,580 ) Deferral of cost (13,817 ) (14,692 ) (37,960 ) (14,692 ) Wildfire-related expenses, net of insurance recoveries and approved deferral treatment 7,550 (11,185 ) 1,913,371 7,840 Pretax asset impairment — — 35,216 — Income tax (benefits) expense3 (1,945 ) 2,880 (501,763 ) (2,019 ) After-tax adjustments $ 5,605 $ (8,305 ) $ 1,446,824 $ 5,821 1 Accounting principles generally accepted in the United States of America.2 Excludes Maui wildfire-related costs of our discontinued operations.3 Current year composite statutory tax rate of 25.75% is used for Utility and Other Other segment (Holding and Other Companies) wildfire-related expenses (legal, outside services and other) are included in "Expenses-Other" and interest expense is included in "Interest expense, net" on the HEI and subsidiaries' Consolidated Statements of Income Data. See Electric Utilities tables below for more detail. Reconciliation of GAAP to non-GAAP Measures (continued)Hawaiian Electric Industries, Inc. (HEI) and SubsidiariesUnaudited Three months endedDecember 31 Years ended December 31 (in thousands) 2024 2023 2024 2023 HEI Consolidated - Continuing Operations GAAP income (loss) - continuing operations (as reported) $ 29,166 $ 45,558 $ (1,322,523 ) $ 145,876 Excluding special items related to the Maui wildfire (after tax): Legal expenses 9,987 17,648 51,811 25,222 Outside services expenses 5,599 4,931 8,178 8,928 Wildfire tort-related claims — — 1,421,887 55,688 Other expenses 6,147 766 26,286 2,612 Interest expense 2,365 1,222 11,014 1,931 After tax expenses 24,098 24,567 1,519,176 94,381 Insurance recoveries (8,234 ) (21,963 ) (70,314 ) (77,651 ) Deferral of cost (10,259 ) (10,909 ) (28,185 ) (10,909 ) Maui wildfire-related expenses, net of insurance recoveries and approved deferral treatment (after tax) 5,605 (8,305 ) 1,420,677 5,821 Asset impairment (after tax) — — 26,147 — Non-GAAP (core) income - continuing operations $ 34,771 $ 37,253 $ 124,301 $ 151,697 GAAP Diluted earnings (loss) per share - continuing operations (as reported) $ 0.17 $ 0.41 $ (10.42 ) $ 1.33 Non-GAAP (Core) Diluted earnings per share - continuing operations $ 0.20 $ 0.34 $ 0.98 $ 1.38 Three months endedDecember 31 Years ended December 31 (in thousands) 2024 2023 2024 2023 HEI Consolidated - Discontinued Operations GAAP income (loss) - discontinued operations (as reported) $ (97,411 ) $ 3,231 $ (103,486 ) $ 53,362 Less: Net loss from the sale of ASB 115,803 — 115,803 — Excluding special items: Goodwill impairment — — 66,130 — Loss on sale of investment securities — 10,954 — 10,954 Wildfire expenses 59 1,987 963 8,251 Non-GAAP (Core) income - discontinued operations $ 18,451 $ 16,172 $ 79,410 $ 72,567 Reconciliation of GAAP to non-GAAP Measures (continued)Hawaiian Electric Company, Inc. and SubsidiariesUnaudited Three months endedDecember 31 Years ended December 31 (in thousands) 2024 2023 2024 2023 Maui windstorm and wildfires related costs Pretax expenses: Legal expenses $ 11,237 $ 18,486 $ 51,406 $ 24,737 Outside services expenses 6,080 5,826 8,500 10,532 Wildfire tort-related claims — — 1,915,000 75,000 Other expenses 7,614 834 32,753 3,316 Interest expenses 2,204 720 11,168 1,223 Pretax expenses 27,135 25,866 2,018,827 114,808 Insurance recoveries (9,808 ) (23,613 ) (85,781 ) (98,613 ) Deferral of cost (13,817 ) (14,692 ) (37,960 ) (14,692 ) Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment 3,510 (12,439 ) 1,895,086 1,503 Income tax expense (benefits)1 (904 ) 3,203 (487,985 ) (387 ) After-tax adjustments $ 2,606 $ (9,236 ) $ 1,407,101 $ 1,116 Hawaiian Electric consolidated net income (loss) GAAP2 net income (loss) (as reported) $ 46,396 $ 58,183 $ (1,226,362 ) $ 193,952 Excluding special items related to the Maui windstorm and wildfires (after tax): Legal expenses 8,344 13,726 38,169 18,367 Outside services expenses 4,514 4,326 6,311 7,820 Wildfire tort-related claims — — 1,421,887 55,688 Other expenses 5,654 619 24,320 2,462 Interest expenses 1,636 534 8,292 908 Maui windstorm and wildfires related expenses (after tax) 20,148 19,205 1,498,979 85,245 Insurance recoveries (after tax) (7,283 ) (17,532 ) (63,693 ) (73,220 ) Deferral of cost (after tax) (10,259 ) (10,909 ) (28,185 ) (10,909 ) Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax) 2,606 (9,236 ) 1,407,101 1,116 Non-GAAP (Core) net income $ 49,002 $ 48,947 $ 180,739 $ 195,068 1 Current year composite statutory tax rate of 25.75% is used for Utility amounts.2 Accounting principles generally accepted in the United States of Legal, outside services and other are included in "Other operation and maintenance" and interest expense is included in "Interest expense and other charges, net" on the Hawaiian Electric and subsidiaries' Consolidated Statements of Income Data. Reconciliation of GAAP to non-GAAP Measures (continued)Holding and Other CompaniesUnaudited Three months endedDecember 31 Years ended December 31 (in thousands) 2024 2023 2024 2023 Maui windstorm and wildfires related costs Pretax expenses: Legal expenses $ 2,212 $ 5,282 $ 18,373 $ 9,232 Outside services expenses 1,461 814 2,514 1,492 Other expenses 667 200 2,650 203 Interest expenses 981 925 3,666 1,377 Pretax expenses 5,321 7,221 27,203 12,304 Insurance recoveries (1,281 ) (5,967 ) (8,918 ) (5,967 ) Total Maui windstorm and wildfires related expenses, net of insurance recoveries 4,040 1,254 18,285 6,337 Income tax benefits1 (1,041 ) (323 ) (4,709 ) (1,632 ) After-tax adjustments $ 2,999 $ 931 $ 13,576 $ 4,705 Holding and Other Companies net loss GAAP2 net loss (as reported) $ (17,230 ) $ (12,625 ) $ (96,161 ) $ (48,076 ) Excluding special items related to the Maui windstorm and wildfires (after tax): Legal expenses 1,643 3,922 13,642 6,855 Outside services expenses 1,085 605 1,867 1,108 Other expenses 493 147 1,966 150 Interest expenses 729 688 2,722 1,023 Maui windstorm and wildfires related expenses (after tax) 3,950 5,362 20,197 9,136 Insurance recoveries (after tax) (951 ) (4,431 ) (6,621 ) (4,431 ) Total Maui windstorm and wildfires related expenses, net of insurance recoveries (after tax) 2,999 931 13,576 4,705 Asset impairment (after tax) — — 26,147 — Non-GAAP (Core) net loss $ (14,231 ) $ (11,694 ) $ (56,438 ) $ (43,371 ) 1 Current year composite statutory tax rate of 25.75% is used for Holding and Other Companies' amounts.2 Accounting principles generally accepted in the United States of Holding and Other Companies wildfire-related expenses (legal, outside services and other) are included in "Expenses-Other" and interest expense is included in "Interest expense, net" on the HEI and subsidiaries' Consolidated Statements of Income Data. View source version on Contacts Mateo GarciaTelephone: (808) 543-7300Director, Investor RelationsE-mail: ir@ Sign in to access your portfolio
