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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