Welcome to our dedicated page for Hawaiian Electric Industries news (Ticker: HE), a resource for investors and traders seeking the latest updates and insights on Hawaiian Electric Industries stock.
Hawaiian Electric Industries, Inc. (HE) is the leading electricity provider in Hawaii, delivering power to 95% of the state's population through its subsidiaries: Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc., and Maui Electric Company, Limited. The company operates on five islands, including Oahu, Hawaii, Maui, Molokai, and Lanai, ensuring reliable and sustainable energy for both residential and commercial customers.
Hawaiian Electric Industries is also the parent company of American Savings Bank, a prominent banking institution in Hawaii. Together, these entities focus on enhancing the quality of life for the communities they serve by fostering economic growth and environmental stewardship.
In recent developments, Hawaiian Electric Industries has undertaken several significant projects aimed at renewable energy integration and grid modernization. These initiatives are designed to reduce carbon emissions and increase the adoption of clean energy sources, aligning with Hawaii's ambitious goal of achieving 100% renewable energy by 2045.
A strong financial position supports Hawaiian Electric Industries' strategic vision, with steady revenue streams from both its utility operations and banking services. The company's commitment to innovation and sustainability is reflected in its ongoing partnerships with technology providers and renewable energy developers.
Hawaiian Electric Industries continues to play a vital role in Hawaii's infrastructure, ensuring energy security and contributing to the state's economic resilience. For investors and stakeholders, the company represents a stable opportunity with a focus on sustainable growth and community engagement.
Hawaiian Electric Industries (HEI) will announce its second quarter 2021 financial results on August 9. American Savings Bank, a subsidiary of HEI, will disclose its results earlier on July 30. Following the earnings report on August 9, HEI will hold a conference call at 10:15 a.m. Hawaii time to discuss consolidated earnings and guidance. Interested parties can join via phone or through HEI's website. HEI supplies power to approximately 95% of Hawaii's population and provides various financial services through American.
Hawaiian Electric Industries (NYSE: HE) reported a strong financial performance for Q1 2021, with consolidated net income of $64.4 million and EPS of $0.59, compared to $33.4 million and $0.31 in Q1 2020. The utility sector saw increased earnings due to cost management and operational efficiency. American Savings Bank also reported net income of $29.6 million, attributed to a release of $8.4 million in credit loss provisions. HEI declared a quarterly dividend of $0.34 per share, reflecting a 3.1% dividend yield.
On May 6, 2021, Hawaiian Electric Industries (HE) declared a quarterly cash dividend of $0.34 per share, payable on June 10, 2021, to shareholders of record as of May 20, 2021. This dividend reflects an annual rate of $1.36 per share, translating to a 3.1% dividend yield based on the $43.47 closing share price on the declaration date. HEI has a history of uninterrupted dividend payments since 1901, demonstrating a commitment to returning value to shareholders.
American Savings Bank reported a net income of $29.6 million for Q1 2021, up from $15.7 million in Q4 2020 and $15.8 million in Q1 2020. Despite challenges in bank profitability, strong residential mortgage production and ASB CARES loans were highlighted. Net interest income decreased to $57.1 million from $58.5 million in Q4 2020. A provision for credit losses was released, improving the bank's balance sheet. Total loans stood at $5.3 billion, while deposits rose by 4.9% to $7.7 billion.
Hawaiian Electric Industries (HEI) will announce its first quarter 2021 financial results on May 7, 2021. American Savings Bank, a subsidiary of HEI, will report its results on April 30, 2021. A conference call to discuss consolidated earnings and earnings guidance will occur on May 7 at 7:30 a.m. Hawaii time. Interested parties can access the call by phone or through HEI's website. Additionally, a replay will be available online after the event until May 21, 2021. HEI serves around 95% of Hawaii's population and focuses on clean energy initiatives.
Hawaiian Electric Industries (HEI) reported consolidated net income of $197.8 million for 2020, with an EPS of $1.81, down from $217.9 million and $1.99 in 2019. The company's utility, Hawaiian Electric, saw a rise in net income to $169.3 million, driven by cost savings and solar integrations, enhancing community support during the pandemic. American Savings Bank, however, faced challenges, reporting a drop in net income to $57.6 million amid credit risks, despite record mortgage originations. HEI's board raised the quarterly dividend to $0.34 per share, yielding 3.9%.
On February 9, 2021, Hawaiian Electric Industries (HE) announced an increase in its quarterly cash dividend from $0.33 to $0.34 per share, payable on March 10, 2021, to shareholders of record as of February 25, 2021. This adjustment represents an annual rate of $1.36 per share, yielding 4.0% based on the closing price of $33.98 on the announcement date. HE has maintained uninterrupted dividend payments since 1901, reflecting its commitment to returning value to shareholders.
American Savings Bank reported a 2020 net income of $57.6 million, down from $89.0 million in 2019, with a Q4 2020 net income of $15.7 million.
Despite challenges, the bank achieved record mortgage originations and effective cost control. The net interest income decreased to $233.5 million from $248.1 million year-over-year, affected by lower interest rates. The provision for credit losses increased to $50.8 million due to COVID-19 impacts. Total loans grew by 4.4%, while deposits surged by 17.8%.
Hawaiian Electric Industries, Inc. (HE) will announce its fourth quarter and full year 2020 financial results on February 16. The company, which supplies power to 95% of Hawaii's population, will also provide 2021 earnings guidance. American Savings Bank, a subsidiary of HE, is set to announce its financial results on January 29. Investors can access earnings calls and presentation materials through HE's website. A replay of the call will be available shortly after the event, continuing until March 2, 2021.
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