Hawaiian Electric Industries Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Hawaiian Electric Industries, Inc. filed its Q1 2024 10-Q report on May 10, 2024, detailing financial performance and segment data.</b>

AI Summary

HAWAIIAN ELECTRIC INDUSTRIES INC (HE) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Hawaiian Electric Industries, Inc. (HE) filed a 10-Q report for the period ending March 31, 2024. The filing covers the company's financial performance and position as of Q1 2024. Key financial data and segment information for the Electric Utility and Banking segments are included. The report details changes in common stock, retained earnings, and accumulated other comprehensive income. The filing was made on May 10, 2024.

Why It Matters

For investors and stakeholders tracking HAWAIIAN ELECTRIC INDUSTRIES INC, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results, crucial for assessing the company's ongoing operational and financial health. Understanding the segment performance, particularly the Electric Utility segment, is vital given the company's industry and regulatory environment.

Risk Assessment

Risk Level: — HAWAIIAN ELECTRIC INDUSTRIES INC shows moderate risk based on this filing. The company operates in a regulated utility sector, which can be subject to significant regulatory changes and public scrutiny, as evidenced by the nature of 10-Q filings and the industry's inherent risks.

Analyst Insight

Investors should review the detailed financial statements and segment information to understand the company's performance and any potential risks or opportunities.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-10 — Filing Date (Filed as of date)

Key Players & Entities

• HAWAIIAN ELECTRIC INDUSTRIES INC (company) — Filer name
• HE (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-10 (date) — Filed as of date
• HAWAIIAN ELECTRIC CO INC (company) — Related company

FAQ

Industry Context

Hawaiian Electric Industries operates primarily as an electric utility company in Hawaii, a sector subject to significant regulatory oversight and environmental considerations.

Regulatory Implications

As a regulated utility, the company's operations and financial performance are subject to the rules and regulations set forth by state and federal authorities.

What Investors Should Do

1. Analyze the detailed financial statements for Q1 2024.
2. Review segment performance, especially the Electric Utility segment.
3. Assess any new disclosures or risk factors mentioned in the filing.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, providing updated financial information since the previous filings.

Key Financial Figures

• $6 — hares Hawaiian Electric Company, Inc. ($6-2/3 Par Value) 17,854,278 Shares (not p
• $33 million — e management audit committed savings of $33 million over the 2021 to 2025 multi-year rate p

Filing Documents

• he-20240331.htm (10-Q) — 5103KB
• ex41ppaamend2024-04x01toma.htm (EX-4.1) — 181KB
• ex42letteramend2024-04x30t.htm (EX-4.2) — 284KB
• a01hei1q24ex311.htm (EX-31.1) — 11KB
• a02hei1q24ex312.htm (EX-31.2) — 11KB
• a04heco1q24ex313.htm (EX-31.3) — 10KB
• a05heco1q24ex314.htm (EX-31.4) — 10KB
• a03hei1q24ex321.htm (EX-32.1) — 7KB
• a06heco1q24ex322.htm (EX-32.2) — 7KB
• image_0a.jpg (GRAPHIC) — 8KB
• 0000354707-24-000020.txt (&nbsp;) — 28598KB
• he-20240331.xsd (EX-101.SCH) — 118KB
• he-20240331_cal.xml (EX-101.CAL) — 190KB
• he-20240331_def.xml (EX-101.DEF) — 877KB
• he-20240331_lab.xml (EX-101.LAB) — 1248KB
• he-20240331_pre.xml (EX-101.PRE) — 1097KB
• he-20240331_htm.xml (XML) — 7072KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements Hawaiian Electric Industries, Inc. and Subsidiaries 1 Condensed Consolidated Statements of Income (unaudited) - three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (unaudited) - three months ended March 31, 2024 and 2023 3 Condensed Consolidated Balance Sheets (unaudited) - March 31, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Changes in Shareholders' Equity (unaudited) - three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) - three months ended March 31, 2024 and 2023 Hawaiian Electric Company, Inc. and Subsidiaries 7 Condensed Consolidated Statements of Income (unaudited) - three months ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Comprehensive Income (unaudited) - three months ended March 31, 2024 and 2023 8 Condensed Consolidated Balance Sheets (unaudited) - March 31, 2024 and December 31, 2023 10 Condensed Consolidated Statements of Changes in Common Stock Equity (unaudited) - three months ended March 31, 2024 and 2023 11 Condensed Consolidated Statements of Cash Flows (unaudited) - three months ended March 31, 2024 and 2023 12 Notes to Condensed Consolidated Financial Statements (unaudited) 59 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 59 HEI consolidated 67 Electric Utilit y 82 Bank 88 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 89 Item 4.

Controls and Procedures

Controls and Procedures PART II. OTHER INFORMATION 90 Item 1.

Legal Proceedings

Legal Proceedings 90 Item 1A.

Risk Factors

Risk Factors 90 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 91 Item 6. Exhibits 92

Signatures

Signatures i Hawaiian Electric Industries, Inc. and Subsidiaries Hawaiian Electric Company, Inc. and Subsidiaries Form 10-Q—Quarter ended March 31, 2024 GLOSSARY OF TERMS Terms Definitions ABR Alternate Base Rate ACL Allowance for credit losses, which is the current credit loss standard, requires recording the allowance based on the expected loss model AES Hawaii AES Hawaii, Inc. AOCI Accumulated other comprehensive income/(loss) ARA Annual revenue adjustment ASB American Savings Bank, F.S.B., a wholly owned subsidiary of ASB Hawaii, Inc. ASB Hawaii ASB Hawaii, Inc., a wholly owned subsidiary of Hawaiian Electric Industries, Inc. and the parent company of American Savings Bank, F.S.B. ASU Accounting Standards Update CBRE Community-based renewable energy Company Hawaiian Electric Industries, Inc. and its direct and indirect subsidiaries, including, without limitation, Hawaiian Electric Company, Inc. and its subsidiaries (listed under Hawaiian Electric); ASB Hawaii, Inc. and its subsidiary, American Savings Bank, F.S.B. and Pacific Current, LLC and its subsidiaries (listed under Pacific Current). Consumer Advocate Division of Consumer Advocacy, Department of Commerce and Consumer Affairs of the State of Hawaii CSSM Collective Shared Savings Mechanism D&O Decision and order from the PUC DER Distributed energy resources DRIP HEI Dividend Reinvestment and Stock Purchase Plan ECRC Energy cost recovery clause EIP 2010 Equity and Incentive Plan, as amended EPA Environmental Protection Agency — federal EPRM Exceptional Project Recovery Mechanism EPS Earnings per share ESM Earnings Sharing Mechanism EVE Economic value of equity Exchange Act Securities Exchange Act of 1934 FDIC Federal Deposit Insurance Corporation federal U.S. Government FHLB Federal Home Loan Bank FHLMC Federal Home Loan Mortgage Corporation Fitch Fitch Ratings, Inc. FNMA Federal National Mortgage Association FRB Federal Reserve Board GAAP Accounting principle

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View this 10-Q filing on SEC EDGAR