The following is a summary of the Hawaiian Electric Industries, Inc. (HE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Hawaiian Electric Industries reported consolidated net income of $42.1 million and earnings per share (EPS) of $0.38 in Q1 2024.

• Excluding wildfire-related expenses ($7.2 million after tax), core net income and EPS were $49.3 million and $0.45 respectively.

• The decrease in utility net income was primarily due to higher O&M expenses resulting from increased wildfire mitigation costs.

• Bank net income benefited from a higher net interest margin attributed to balance sheet repositioning done in the previous quarter and the release of reserves taken following the wildfires.

• Consolidated core return on equity remained steady at 9.5%.

Business Progress:

• Hawaiian Electric continues to make strides in wildfire mitigation and resilience efforts, allocating $120 million for mitigation work in 2024.

• Approval was granted for a $190 million grid resilience plan, with ongoing efforts to secure federal funding of $450 million for additional projects.

• American Savings Bank witnessed a profitability boost in Q1 due to balance sheet restructuring in Q4 2023.

• Initiatives are in place to assist the community in recovering from the Maui Wildfires, including the One 'Ohana initiative targeting affected families and businesses.

• The establishment of a new Climate Advisory Team by Governor Josh Green aims to suggest actions to mitigate climate change impacts.

• The company is waiting for approval to create an accounts receivable financing facility which could provide added liquidity of up to $250 million.

• The company is managing legal claims from approximately 400 plaintiffs in connection to the 'Maui Wildfires', with trials for selected cases scheduled for later in the year.

More details: Hawaiian Electric Industries IR

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