Quarterly ResultMay 8, 2026, 04:12 PM
Hawaiian Electric Ind. Q1 Net Income $30M; Wildfire Settlement Finalized
AI Summary
Hawaiian Electric Industries (HEI) reported Q1 2026 net income of $30 million ($0.18 per share), up from $27 million ($0.15 per share) in Q1 2025. However, Core net income, excluding wildfire-related expenses, decreased to $31 million ($0.18 per share) from $40 million ($0.23 per share) in the prior year, primarily due to higher operations and maintenance expenses at Hawaiian Electric. A significant milestone was achieved with the finalization of the global wildfire tort litigation settlement, leading to Moody's upgrading HEI and Hawaiian Electric's credit ratings. The company also announced leadership structure changes, unifying the CEO and President roles for HEI and Hawaiian Electric.
Key Highlights
- Global wildfire tort litigation settlement finalized; first $479M payment made in April.
- Moody's upgraded HEI's credit rating to Ba2 and Hawaiian Electric's to Ba1.
- HEI Q1 2026 net income increased to $30M ($0.18/share) from $27M ($0.15/share) YoY.
- HEI Core net income decreased to $31M ($0.18/share) from $40M ($0.23/share) YoY.
- Hawaiian Electric Q1 2026 net income fell to $35M from $48M YoY.
- Hawaiian Electric O&M expenses rose $19M due to storm response and insurance.
- Scott Seu named CEO, Shelee Kimura President for both HEI and Hawaiian Electric.
- Enterprise-wide liquidity maintained at approximately $1.5 billion.