HEI(US:HE)2025-11-07 21:10Financial Performance - HEI reported a net income of $31 million, or $0.18 per share, for Q3 2025, compared to a net loss of $83 million in Q3 2024[2] - Core income from continuing operations was $33 million, or $0.19 per share, down from $33 million, or $0.29 per share in Q3 2024[2] - Hawaiian Electric's net income for Q3 2025 was $37 million, a significant recovery from a net loss of $83 million in Q3 2024[5] - Core net income for Hawaiian Electric was $40 million in Q3 2025, compared to $44 million in the same quarter last year[6] - Revenues for Q3 2025 were $787,428, a decrease of 5.1% from $829,617 in Q3 2024[19] - Net income for Q3 2025 was $37,486, compared to a net loss of $82,087 in Q3 2024[19] - Core earnings for Q3 2025 were $32,808, compared to $32,724 in Q3 2024, showing a slight increase[23] - For the three months ended September 30, 2025, Hawaiian Electric reported a GAAP net income of $36.988 million, compared to a net loss of $82.585 million for the same period in 2024[24] - For the nine months ended September 30, 2025, Hawaiian Electric's GAAP net income was $123.954 million, a recovery from a net loss of $1.272758 billion in the same period of 2024[24] Revenue and Expenses - Total revenues for HEI in Q3 2025 were $790.6 million, down from $833.2 million in Q3 2024[18] - Total expenses decreased to $738.6 million in Q3 2025 from $983 million in Q3 2024[18] - Total expenses for Q3 2025 were $724,635, down 22.4% from $934,181 in Q3 2024[19] - The utility's operating income was $62.8 million in Q3 2025, recovering from an operating loss of $104.6 million in Q3 2024[18] Wildfire and Windstorm Expenses - The company reported a total of $59,834 in pretax expenses related to Maui windstorm and wildfires for Q3 2025[22] - Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment, amounted to $3.571 million for Q3 2025, significantly down from $170.036 million in Q3 2024[24] - The total Maui windstorm and wildfires related expenses for the nine months ended September 30, 2025, were $10.607 million, down from $1.891576 billion in the same period of 2024[24] - Total Maui windstorm and wildfires related expenses for Holding and Other Companies, net of insurance recoveries, were $956,000 for Q3 2025, compared to $4.721 million in Q3 2024[25] Liquidity and Financial Strategy - HEI expanded its credit facility capacity to $600 million from $375 million, enhancing liquidity for critical investments[2] - The company anticipates the first settlement payment related to the Maui wildfire litigation will occur no earlier than Q1 2026[4] - The company expects ongoing review of strategic options for Pacific Current to impact future earnings positively[21] Operational Metrics - Average fuel oil cost per barrel decreased to $98.20 in Q3 2025 from $114.61 in Q3 2024, a reduction of 14.5%[19] - Kilowatthour sales increased to 2,234 million in Q3 2025, up from 2,191 million in Q3 2024, representing a growth of 1.96%[19] - The return on average common equity for the twelve months ended September 30, 2025, was 12.8%[19] Holding and Other Companies - Holding and Other Companies reported a GAAP net loss of $6.241 million for the three months ended September 30, 2025, compared to a loss of $40.595 million in Q3 2024[25] - Non-GAAP (Core) net loss for Holding and Other Companies was $6.832 million for the three months ended September 30, 2025, compared to a loss of $10.943 million in the same period of 2024[25] - The total insurance recoveries for Holding and Other Companies amounted to $48.640 million for Q3 2025, compared to $2.533 million in Q3 2024[25] - For the nine months ended September 30, 2025, Holding and Other Companies reported a net loss of $40.451 million, an improvement from a loss of $78.931 million in the same period of 2024[25]