Hawaiian Elec Industries - HE STOCK NEWS

Hawaiian Electric Industries (NYSE: HE) has scheduled its fourth quarter and full year 2024 financial results announcement for Friday, February 21. The company will conduct a webcast and conference call at 11:30 a.m. Hawaii time (4:30 p.m. Eastern time) to discuss the results.

Investors can access the conference call by dialing 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) with passcode 2393042. Presentation materials and audio will be available through HEI's website. An online replay will be available approximately two hours after the event, and an audio replay will be accessible until March 7.

Hawaiian Electric Industries (HEI) has completed the sale of 90.1% of American Savings Bank (ASB) to independent investors for $405 million, valuing the bank at $450 million. The transaction closed on December 31, 2024, with no single investor, including HEI, owning more than 9.9% of the bank's common stock.

The sale transforms ASB into an independent, local bank headquartered in Honolulu, maintaining its current management team and brand. HEI plans to use the proceeds to reduce holding company debt, increasing flexibility for funding wildfire settlement contributions and utility initiatives. The transaction simplifies HEI's structure, allowing it to focus on its core utility business, Hawaiian Electric, while likely removing its status as a savings and loan holding company.

Hawaiian Electric reports significant progress in its wildfire safety strategy, achieving an estimated 60% reduction in wildfire risk from utility equipment. The company is investing $120 million in 2024 for safety improvements across four key areas: foundational work, operational changes, situational awareness, and grid hardening. Key implementations include installing 3,534 fire-safe fuses, 53 weather stations, and 78 AI-assisted HD cameras, replacing 2,202 utility poles, and upgrading 16 miles of overhead lines. The company has also launched a Public Safety Power Shutoff program and plans to file a longer-term wildfire safety plan with the Public Utilities Commission in January 2025.

Hawaiian Electric Industries (HE) reported a Q3 2024 net loss of $104.4 million, or $0.91 per share, primarily due to a $203.0 million accrual for wildfire liabilities and a $35.2 million Pacific Current asset impairment. Excluding these items, core net income was $52.2 million. The company recently signed settlement agreements for Maui wildfire tort litigation and successfully raised $557.7 million through stock offering to fund settlement payments. Hawaiian Electric posted a Q3 net loss of $82.6 million, while American Savings Bank reported net income of $18.8 million with improved net interest margin of 2.82%.

American Savings Bank (ASB) reported Q3 2024 net income of $18.8 million, compared to a net loss of $45.8 million in Q2 2024 and net income of $11.4 million in Q3 2023. Net interest margin expanded to 2.82%, up 3 basis points from the prior quarter. Q3 net interest income was $62.2 million, with total loans at $6.1 billion and total deposits at $8.0 billion. The bank maintained strong credit quality with an allowance for credit losses ratio of 1.07% and a Tier 1 leverage ratio of 8.6%. Core net income for the quarter was $19.4 million, reflecting stable performance despite market challenges.

Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) has announced the dates for its third quarter 2024 financial results. HEI will release its results on November 8, followed by a webcast and conference call at 11:30 a.m. Hawaii time (4:30 p.m. Eastern time). American Savings Bank (ASB), a wholly owned indirect subsidiary of HEI, will announce its results on October 30.

Investors can access the conference call by dialing 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) with passcode 2393042. Presentation materials and audio will be available on HEI's website. A replay will be accessible online and via phone until November 22. HEI encourages investors to monitor its website for additional information and disclosures.

Hawaiian Electric (NYSE: HE) has issued a statement in response to reports from the Maui Fire Department and ATF regarding the August 2023 Maui wildfires. The reports largely affirmed the original timeline of events, concluding that Hawaiian Electric equipment damaged by high winds caused a morning fire, which was initially contained but later reignited, leading to the devastating afternoon fire in Lahaina.

The company acknowledges its role in the morning fire and expresses deep regret. Hawaiian Electric emphasizes that the destruction resulted from multiple factors and actions of various parties. In response, the company has implemented significant measures to reduce wildfire risks, including a $110 million investment in 2024 for infrastructure strengthening, enhanced vegetation management, and wildfire prevention devices. Additionally, Hawaiian Electric launched a Public Safety Power Shutoff program and is installing AI-enabled fire detection cameras and weather stations.

Hawaiian Electric Industries (NYSE: HE) has successfully closed an equity offering, raising $558 million in net proceeds at $9.25 per share. The funds will be used to contribute to the Maui wildfire tort litigation settlement and for general corporate purposes. HEI is now prepared to pre-fund its expected first settlement payment of approximately $478 million, due no sooner than mid-2025.

HEI and Hawaiian Electric's total payment obligation is $1.91 billion, to be paid in four equal annual installments. This proactive financing approach is seen as a significant step towards resolving the going concern assessment disclosed in August. The global settlement details are still being finalized and will require judicial review and approval once a final agreement is signed.

Hawaiian Electric Industries (NYSE: HE) has priced its public offering of 54,054,054 common stock shares at $9.25 per share. The offering is expected to close on September 25, 2024, subject to customary conditions. HEI has granted underwriters an option to purchase up to an additional 8,108,108 shares. The company intends to use the net proceeds to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes. Wells Fargo Securities, and Barclays Capital Inc. are the joint lead book-running managers, with Guggenheim Securities, as a book-running manager. The offering is made through a prospectus supplement under HEI's effective registration statement on Form S-3ASR.