Hawaiian Electric Industries Reports Q2 2024 Financial Results
Intellectia.AI1970-01-01
Hawaiian Electric Industries Reports Q2 2024 Financial Results
Hawaiian Electric Industries, Inc. (HEI) has announced its financial results for the quarter ending June 30, 2024. Below is the detailed financial summary:
Key Financial Metrics:
| Financial Metric | Q2 2024 | Q2 2023 | YoY Change | Wall St. Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $982.6 million | $987.2 million | -0.47% | $911.33 million |
| Earnings per Share (EPS) | $(11.77) | $0.54 | -$(12.31) | $0.49 |
Interpretation : The company has reported a significant negative EPS for Q2 2024, at $(11.77) per share, substantially missing the Wall Street consensus estimate of $0.49. This decline is primarily attributed to wildfire-related settlements and legal expenses.
Revenue Breakdown by Segments:
| Segment | Revenue Q2 2024 | Revenue Q2 2023 |
|---|---|---|
| Electric Utility | $790 million | $812 million |
| Banking (American Savings Bank) | $192.6 million | $175.2 million |
Interpretation : The electric utility segment saw a slight decline in revenue year-over-year, while the banking segment showed a notable increase.
Key Operational Data : * No operational data was provided in the earnings release.
Comments from Company Officers : * No comments from company officers were provided in the earnings report.
Dividends and Share Repurchase Program : * No information on dividends or share repurchase programs was announced in this earnings release.
Forward Guidance : * No forward guidance was provided in the earnings report.
Stock Price Movement : * Following the earnings release, HEI’s stock experienced a decrease of approximately -3.00%.
Note: The substantial loss in earnings and the accrual of estimated wildfire liabilities totaling approximately $1.71 billion related to the Maui windstorm and wildfire tort-related claims have heavily impacted the company’s financial performance this quarter. As of the date of the report, detailed operational and future guidance information was not available.
[End of Earnings Summary]
Readers should consider reviewing the full earnings release for more detailed discussions on the company’s financial and operational performance.
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