Hawaiian Electric Industries 8-K
EarningsImpairment / chargeLegal / investigation
American Savings Bank’s $64M pre-tax share gains were partly offset by a $51M pre-tax Mahipapa exit impairment; storm costs weighed on utility earnings.
Filed 2026-11-06 16:06 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results. American Savings Bank investment gains supported GAAP earnings, while a Pacific Current impairment and storm-related costs weighed on non-GAAP Core net income, which excludes Maui wildfire-related, American Savings Bank investment and Pacific Current strategic-review items. Revenue growth substantially outpaced kilowatthour sales amid sharply higher fuel oil costs.
Developments
- Hawaiian Electric’s Wildfire Mitigation Plan remains on schedule; HEI says it has significantly reduced wildfire risk across its service territories since 2023. Resilience investments helped crews restore power quickly and safely after severe August and September storms.
- Hawaiian Electric’s pending rate-rebasing request proposes a 5.3% base-rate increase phased in over two years and aligned with inflation. HEI also sought approval for up to $500M of wildfire safety and resilience investments through a structure intended to lower customer costs while advancing public safety.
Results
| Metric | Q3 2026 | Change | 9M 2026 |
|---|---|---|---|
| Revenue | $1.01B | +28% Y/Y, +7.3% Q/Q | $2.69B+18% Y/Y |
| Kilowatthour sales (millions) | 1.69B | +1.3% Y/Y | 4.64B+0.3% Y/Y |
| Average fuel oil cost per barrel | $154.87 | +58% Y/Y | $132.00+31% Y/Y |
| Operating income | $41.2M | -21% Y/Y, -80% Q/Q | $299M+78% Y/Y |
| Net income | $35.5M | +14% Y/Y, -71% Q/Q | $189M+123% Y/Y |
| Core net income (non-GAAP) | $23.0M | -30% Y/Y, +4.4% Q/Q | — |
| Diluted EPS | $0.20 | +11% Y/Y, -72% Q/Q | $1.09+127% Y/Y |
| Core earnings per share (non-GAAP) | $0.13 | -32% Y/Y, +0.0% Q/Q | — |
| Diluted shares | 174M | +0.3% Y/Y, +0.2% Q/Q | 174M+0.4% Y/Y |
What moved the numbers
- Holding and other companies reported net income of $22M vs a net loss of $6M Y/Y, reflecting $64M of pre-tax gains on American Savings Bank shares—$18M realized on shares sold and $46M unrealized on its remaining ≈6.4% stake—partly offset by a $51M non-cash pre-tax impairment as Pacific Current exits the Mahipapa biomass plant. Core excludes these items and Maui wildfire-related items.
- Hawaiian Electric net income for common stock was $13M vs $37M Y/Y. Higher operation and maintenance expense of $20M, including $14M of storm costs and ≈$6M of costs shifted from the holding company after integration, and $23M of higher interest expense drove the decline; the latter included $18M of non-cash accretion on the wildfire settlement liability.
- HEI had prepaid $80M toward the second wildfire settlement payment, reducing the $479M amount due by $82M after the early-payment discount; the company will continue to evaluate early payments.
Figures extracted from the filings and checked against their text; changes and verdicts computed from them.
The summary is written by an AI model reading the filing.
Model 005 · prompt v192 · 2026-11-06 23:56:27Z