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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: February 21, 2025
Exact Name of RegistrantCommissionI.R.S. Employer
as Specified in Its CharterFile NumberIdentification No.
Hawaiian Electric Industries, Inc.1-850399-0208097
Hawaiian Electric Company, Inc.1-495599-0040500
State of Hawaii
(State or other jurisdiction of incorporation)
 1001 Bishop Street, Suite 2900, Honolulu, Hawaii  96813 - Hawaiian Electric Industries, Inc. (HEI)
1099 Alakea Street, Suite 2200, Honolulu, Hawaii  96813 - Hawaiian Electric Company, Inc. (Hawaiian Electric)
(Address of principal executive offices and zip code)
 Registrant’s telephone number, including area code:
 (808) 543-5662 - HEI
(808) 543-7771 - Hawaiian Electric
  Not applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to 12(b) of the Act:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Hawaiian Electric Industries, Inc.Common Stock, Without Par ValueHENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
Hawaiian Electric Industries, Inc.
☐
Hawaiian Electric Company, Inc.
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Hawaiian Electric Industries, Inc. ☐Hawaiian Electric Company, Inc. ☐



Item 2.02 Results of Operations and Financial Condition.
    On February 21, 2025, HEI issued a news release, “HEI Reports Fourth Quarter and Full Year 2024 Results.” This news release is furnished as HEI Exhibit 99.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits    
News release, dated February 21, 2025, “HEI Reports Fourth Quarter and Full Year 2024 Results”
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information furnished in connection with Item 2.02 of this current report on Form 8-K including HEI Exhibit 99 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.












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SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.

HAWAIIAN ELECTRIC INDUSTRIES, INC.HAWAIIAN ELECTRIC COMPANY, INC.
(Registrant)(Registrant)
/s/ Scott T. DeGhetto/s/ Paul K. Ito
Scott T. DeGhettoPaul K. Ito
Executive Vice President, Senior Vice President,
Chief Financial Officer and TreasurerChief Financial Officer and Treasurer
Date: February 21, 2025
Date: February 21, 2025

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HEI Exhibit 99
revisedlogoa.jpg
NEWS RELEASE
February 21, 2025
Contact:Mateo GarciaTelephone: (808) 543-7300
Director, Investor RelationsE-mail: ir@hei.com
HEI REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

•Favorable Hawaii Supreme Court Decision Provides Clarity Needed to Help Finalize Maui Tort Litigation Settlement
•Strong Execution on Strategic Priorities in a Pivotal Year
◦Definitive Settlement Agreements Reached in Maui Wildfire Tort Litigation
◦Sale of 90.1% of American Savings Bank Simplified HEI’s Strategy and Regulatory Position While Allowing Enhanced Focus on Utility Business; Proceeds Will Be Used to Reduce Debt
◦Rapid Implementation of Utility Wildfire Mitigation Efforts: Grid Hardening and Redesign, Improved Situational Awareness and Operational Practices, and Enhanced Stakeholder Engagement Efforts Implemented to Reduce Risk
◦Utility Achieved a 36% Renewable Portfolio Standard in 2024, Accelerating Progress Toward the 2030 Milestone of 40%
◦Typical Residential Bill Decreased 7% in 2024; Utility Returned $18 Million in Bill Credits to Customers

HONOLULU - Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported a net loss for the full year 2024 of $1,426 million, or $11.23 per share, compared to net income of $199 million, or $1.81 per share in 2023. Excluding the impacts of discontinued operations, Maui wildfire-related expenses and the Pacific Current asset impairment recorded in the third quarter, Core1 income from continuing operations was $124 million, or $0.98 per share, compared to $152 million, or $1.38 per share in 2023.
The fourth quarter 2024 net loss was $68 million, or $0.40 per share, compared to net income of $49 million, or $0.44 per share, in the fourth quarter of 2023. Core income from
Note: Throughout this release, per share values are calculated based on diluted shares.
1 Measures described as “Core” for the periods in this news release are non-GAAP measures which exclude Maui wildfire-related costs, and expenses taken in connection with strategic reviews for Pacific Current and American Savings Bank. See the “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliation at the end of this release.
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continuing operations was $35 million for the fourth quarter of 2024 compared to $37 million in the fourth quarter of 2023.
“The past year was pivotal in our company’s history, and I am proud of the significant progress we’ve made to address the challenges before us and build a foundation for long-term success,” said Scott Seu, HEI president and CEO.
“Over the course of the year, we achieved numerous milestones in our efforts to regain HEI’s financial strength and emerge a stronger, more resilient company best positioned to serve our communities for the long term. The settlement agreements signed in November, along with the favorable Hawaii Supreme Court decision issued earlier this month, allow us to move forward with a clearer line of sight toward resolution of the Maui wildfire tort litigation. The sale of over 90% of American Savings Bank in December simplifies our strategy and regulatory position while allowing us to reduce holding company debt and focus more on our core utility business. The utility continued to rapidly progress its wildfire mitigation efforts throughout the year, and operational changes, new technology and the Public Safety Power Shutoff program implemented in 2024 have led to substantial strides in reducing risk of ignition from utility equipment. We also saw significant progress on another key strategic initiative, with the utility reaching a 36% renewable portfolio standard in 2024. This puts us on track to meet the 40% by 2030 milestone significantly ahead of schedule. These collective actions position our company well as we continue our commitment to a stronger, more resilient and more financially healthy future.”
As previously disclosed, on February 10, 2025 the Hawaii Supreme Court issued a decision regarding the reserved questions posed to them by the Second Circuit Court. The Hawaii Supreme Court’s decision clarifies that, once the settlement becomes final, insurers seeking to recover amounts paid to settling plaintiffs cannot separately sue defendants, including for amounts beyond the settlement agreed to by the plaintiffs and defendants. The Court’s decision aligns with the Company’s and plaintiffs’ positions on key questions that arose from insurers’ challenges to the settlement agreements reached in the Maui wildfire tort litigation.
HAWAIIAN ELECTRIC COMPANY (HAWAIIAN ELECTRIC) EARNINGS2
Full Year Results:
Hawaiian Electric’s full-year net loss was $1,226 million, compared to net income of $194 million in 2023, with the decrease primarily driven by the following items:
2 Utility amounts indicated as after-tax in this earnings release are based upon adjusting items using a current year composite statutory tax rate of 25.75%.
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•$1,875 million ($1,392 million after-tax) loss due to the accrual of estimated wildfire liabilities from tort-related legal claims and cross claims as of December 31, 2024 (net of insurance recoveries);
•$76 million ($56 million after taxes) in higher operations and maintenance (O&M) expenses, driven principally by the settlement of indemnification claims asserted by the state, higher wildfire mitigation program expenses and higher property and general liability insurance costs; and
•$7 million ($6 million after taxes) of higher depreciation expense.
These items were partially offset by the following:
•$43 million ($29 million after taxes) higher revenues, including $25 million from the annual revenue adjustment mechanism, $7 million from the major project interim recovery mechanism, $6 million of demand response program revenues (offset by expenses included in O&M) and $5 million from performance incentive mechanisms;
•$4 million ($3 million after taxes) of lower interest expense; and
•$3 million ($2 million after taxes) from a gain on sale of property.
Hawaiian Electric’s Core net income for 2024 was $181 million. Pre-tax wildfire-related expenses of $2,019 million were partially offset by $86 million in insurance recoveries and $38 million of costs deferred pursuant to the Public Utilities Commission’s decision allowing Hawaiian Electric to defer these costs.
Fourth Quarter Results:
Hawaiian Electric’s net income for the fourth quarter of 2024 was $46 million, compared to $58 million in the fourth quarter of 2023, with the variance driven by the following items: $30 million ($25 million after taxes) of higher O&M, $13 million ($9 million after taxes) in higher revenues, $3 million ($2 million after taxes) from a gain on sale of property and a $3 million ($2 million after taxes) impact from better heat rate performance. Hawaiian Electric’s Core net income was approximately $49 million for both the fourth quarters of 2024 and 2023.
Utility Dividend Update
The utility dividend to HEI continues to be suspended, as holding company cash needs are limited following HEI’s recent equity issuance and the continued suspension of the dividend to HEI’s common equity shareholders.

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DISCONTINUED OPERATIONS - AMERICAN SAVINGS BANK (ASB)
As previously announced, on December 31, 2024 HEI, ASB and ASB Hawaii (ASB’s parent holding company) closed on the sale of 90.1% of the common stock of ASB to various investors. Accordingly, the results of ASB are presented as discontinued operations in the consolidated financial statements. For the full year 2024, the loss from discontinued operations totaled $103 million, compared to net income of $53 million in 2023. Excluding wildfire expenses, the goodwill impairment recorded in the second quarter, and the net loss recorded in accordance with the December 2024 sale transaction, Core income for 2024 was $79 million.
HOLDING AND OTHER COMPANIES
The holding and other companies’ net loss was $96 million in 2024 compared to $48 million in 2023. The higher net loss for the year was primarily due to the Pacific Current asset impairment recorded in the third quarter, higher wildfire-related expenses and higher expenses at Pacific Current. Core net loss for the year was $56 million compared to $43 million in 2023. The fourth quarter 2024 net loss was $17 million compared to $13 million in the fourth quarter of 2023. The higher net loss compared to the prior year quarter was primarily due to lower Pacific Current net income. Core net loss for the fourth quarter of 2024 was $14 million compared to $12 million in the fourth quarter of 2023.
EARNINGS RELEASE, WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS
HEI will conduct a webcast and conference call to review its fourth quarter and full year 2024 consolidated financial results today at 11:30 a.m. Hawaii time (4:30 p.m. Eastern).
To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials (which include reconciliation of non-GAAP measures) and/or listen to the conference call by visiting the conference call link on HEI’s website at www.hei.com under “Investor Relations,” sub-heading “News and Events — Events and Presentations.”
A replay will be available online and via phone. The online replay will be available on HEI’s website about two hours after the event. The audio replay will also be available about two hours after the event through March 7, 2025. To access the audio replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199 (international) and enter passcode 2393042.
HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) intend to continue to use HEI’s website, www.hei.com, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should
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routinely monitor the Investor Relations section of HEI’s website, in addition to following HEI’s and Hawaiian Electric’s press releases, HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the “Investor Relations” section of the website. The information on HEI’s website is not incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings unless, and except to the extent, specifically incorporated by reference.
Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at https://hpuc.my.site.com/cdms/s/ to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings.
ABOUT HEI
The HEI family of companies provides the energy services that empower much of the economic and community activity of Hawaii. HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy, and modernize and harden the grid to ensure resilience and public safety. HEI also helps advance Hawaii’s sustainability goals through investments by its non-regulated subsidiary, Pacific Current. For more information, visit www.hei.com.
NON-GAAP MEASURES
Measures described as “Core” are non-GAAP measures which exclude Maui wildfire-related costs, the asset impairment taken in connection with HEI’s ongoing review of strategic options for Pacific Current and expenses recorded in connection with the review of strategic options for ASB. See “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliations at the end of this release.
This release may contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business
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and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.
Forward-looking statements in this release should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2023 and HEI’s other SEC periodic reports and filings that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
###
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Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended December 31Years ended December 31
(in thousands, except per share amounts)2024202320242023
Revenues
Electric utility$796,174 $849,982 $3,206,700 $3,269,521 
Other3,006 3,442 13,150 17,982 
Total revenues799,180 853,424 3,219,850 3,287,503 
Expenses 
Electric utility (includes nil and $1,875 million of provision, net, for Wildfire tort-related claims recorded in quarter and year ended December 31, 2024, respectively)
722,383 768,682 4,818,558 2,967,363 
Other (includes $35 million of impairment recorded in third quarter of 2024)
23,135 10,411 108,052 45,148 
Total expenses745,518 779,093 4,926,610 3,012,511 
Operating income (loss) 
Electric utility73,791 81,300 (1,611,858)302,158 
Other(20,129)(6,969)(94,902)(27,166)
Total operating income (loss)53,662 74,331 (1,706,760)274,992 
Retirement defined benefits credit—other than service costs903 1,017 3,754 4,014 
Interest expense, net(31,131)(34,273)(127,207)(125,532)
Allowance for borrowed funds used during construction1,409 1,403 5,470 5,201 
Allowance for equity funds used during construction3,510 4,091 13,786 15,164 
Interest income9,433 9,105 19,362 9,105 
Loss on equity-method investment— (644)— (644)
Income (loss) from continuing operations before income taxes37,786 55,030 (1,791,595)182,300 
Income tax expense (benefit)8,147 8,999 (470,962)34,534 
Income (loss) from continuing operations29,639 46,031 (1,320,633)147,766 
Preferred stock dividends of subsidiaries473 473 1,890 1,890 
Income (loss) from continuing operations for common stock29,166 45,558 (1,322,523)145,876 
Income (loss) from discontinued operations(97,411)3,231 (103,486)53,362 
Net income (loss) for common stock$(68,245)$48,789 $(1,426,009)$199,238 
Continuing operations - Basic earnings (loss) per common share$0.17 $0.41 $(10.42)$1.33 
Discontinued operations - Basic earnings (loss) per common share(0.56)0.03 (0.81)0.49 
Basic earnings (loss) per common share$(0.40)$0.44 $(11.23)$1.82 
Continuing operations - Diluted earnings (loss) per common share$0.17 $0.41 $(10.42)$1.33 
Discontinued operations - Diluted earnings (loss) per common share(0.56)0.03 (0.81)0.48 
Diluted earnings (loss) per common share$(0.40)$0.44 $(11.23)$1.81 
Dividends declared per common share$— $— $— $1.08 
Weighted-average number of common shares outstanding172,466 110,134 126,927 109,739 
Weighted-average shares assuming dilution172,466 110,301 126,927 110,038 
Income (loss) from continuing operations for common stock by segment
Electric utility$46,396 $58,183 $(1,226,362)$193,952 
Other(17,230)(12,625)(96,161)(48,076)
Income (loss) from continuing operations for common stock$29,166 $45,558 $(1,322,523)$145,876 
Comprehensive income (loss) attributable to HEI$(96,214)$117,463 $(1,422,825)$245,916 
Return on average common equity (%) (twelve months ended)1
NM8.8 
1 Simple average.
NM Not meaningful.
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC.
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Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)
Three months ended December 31Years ended December 31
($ in thousands, except per barrel amounts)2024202320242023
Revenues$796,174 $849,982 $3,206,700 $3,269,521 
Expenses  
Fuel oil256,059 329,728 1,078,045 1,211,420 
Purchased power173,061 172,779 703,371 671,769 
Other operation and maintenance156,024 126,373 609,672 533,557 
Wildfire tort-related claims, net
— — 1,875,000 — 
Depreciation62,706 60,924 251,142 243,705 
Taxes, other than income taxes74,533 78,878 301,328 306,912 
Total expenses722,383 768,682 4,818,558 2,967,363 
Operating income (loss)73,791 81,300 (1,611,858)302,158 
Allowance for equity funds used during construction3,510 4,091 13,786 15,164 
Retirement defined benefits credit—other than service costs1,034 1,076 4,137 4,303 
Interest expense and other charges, net(20,457)(22,575)(82,082)(86,140)
Allowance for borrowed funds used during construction1,409 1,403 5,470 5,201 
Interest income2,078 6,454 6,633 6,454 
Income (loss) before income taxes61,365 71,749 (1,663,914)247,140 
Income tax expense (benefit)14,470 13,067 (439,547)51,193 
Net income (loss)46,895 58,682 (1,224,367)195,947 
Preferred stock dividends of subsidiaries229 229 915 915 
Net income (loss) attributable to Hawaiian Electric46,666 58,453 (1,225,282)195,032 
Preferred stock dividends of Hawaiian Electric270 270 1,080 1,080 
Net income (loss) for common stock$46,396 $58,183 $(1,226,362)$193,952 
Comprehensive income (loss) attributable to Hawaiian Electric$46,426 $58,337 $(1,226,425)$193,940 
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)
   Hawaiian Electric1,608 1,604 6,134 6,138 
   Hawaii Electric Light267 272 1,047 1,043 
   Maui Electric276 264 1,038 1,046 
2,151 2,140 8,219 8,227 
Average fuel oil cost per barrel$104.38 $132.47 $115.00 $126.73 
Return on average common equity (%) (twelve months ended)1
NM8.2 
1 Simple average.
NM Not meaningful.
This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC.
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Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures
HEI management uses certain non-GAAP measures to evaluate the performance of HEI. Management believes these non-GAAP measures provide useful information and are a better indicator of the companies’ core operating activities. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP1 earnings to non-GAAP Core earnings.
The reconciling adjustments from GAAP earnings to Core earnings are limited to the costs related to the Maui wildfires, costs related to the strategic review and majority sale of ASB, and the asset impairment taken in connection with HEI’s ongoing review of strategic options for Pacific Current. Management does not consider these items to be representative of the company’s fundamental core earnings.

Reconciliation of GAAP to non-GAAP Measures
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
Unaudited
Three months ended December 31Years ended December 31
(in thousands)2024202320242023
Maui wildfire-related costs2
Pretax expenses:
Legal expenses$13,449 $23,768 $69,779 $33,969 
Outside services expenses7,541 6,640 11,014 12,024 
Wildfire tort-related claims
— — 1,915,000 75,000 
Other expenses8,281 1,034 35,403 3,519 
Interest expense3,185 1,645 14,834 2,600 
Pretax expenses32,456 33,087 2,046,030 127,112 
Insurance recoveries(11,089)(29,580)(94,699)(104,580)
Deferral of cost(13,817)(14,692)(37,960)(14,692)
Wildfire-related expenses, net of insurance recoveries and approved deferral treatment7,550 (11,185)1,913,371 7,840 
Pretax asset impairment— — 35,216 — 
Income tax (benefits) expense3
(1,945)2,880 (501,763)(2,019)
After-tax adjustments$5,605 $(8,305)$1,446,824 $5,821 

1     Accounting principles generally accepted in the United States of America.
2     Excludes Maui wildfire-related costs of our discontinued operations.
3     Current year composite statutory tax rate of 25.75% is used for Utility and Other amounts.
Note: Other segment (Holding and Other Companies) wildfire-related expenses (legal, outside services and other) are included in “Expenses-Other” and interest expense is included in “Interest expense, net” on the HEI and subsidiaries’ Consolidated Statements of Income Data. See Electric Utilities tables below for more detail.

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Reconciliation of GAAP to non-GAAP Measures (continued)
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
Unaudited
Three months ended December 31Years ended December 31
(in thousands)2024202320242023
HEI Consolidated - Continuing Operations
GAAP income (loss) - continuing operations (as reported)$29,166 $45,558 $(1,322,523)$145,876 
Excluding special items related to the Maui wildfire (after tax):
Legal expenses9,987 17,648 51,811 25,222 
Outside services expenses5,599 4,931 8,178 8,928 
Wildfire tort-related claims
— — 1,421,887 55,688 
Other expenses6,147 766 26,286 2,612 
Interest expense2,365 1,222 11,014 1,931 
After tax expenses24,098 24,567 1,519,176 94,381 
Insurance recoveries(8,234)(21,963)(70,314)(77,651)
Deferral of cost(10,259)(10,909)(28,185)(10,909)
Maui wildfire-related expenses, net of insurance recoveries and approved deferral treatment (after tax)5,605 (8,305)1,420,677 5,821 
Asset impairment (after tax)— — 26,147 — 
Non-GAAP (core) income - continuing operations$34,771 $37,253 $124,301 $151,697 
GAAP Diluted earnings (loss) per share - continuing operations (as reported)$0.17 $0.41 $(10.42)$1.33 
Non-GAAP (Core) Diluted earnings per share - continuing operations $0.20 $0.34 $0.98 $1.38 


Three months ended December 31Years ended December 31
(in thousands)2024202320242023
HEI Consolidated - Discontinued Operations
GAAP income (loss) - discontinued operations (as reported)$(97,411)$3,231 $(103,486)$53,362 
Less: Net loss from the sale of ASB115,803 — 115,803 — 
Excluding special items:
    Goodwill impairment— — 66,130 — 
    Loss on sale of investment securities— 10,954 — 10,954 
    Wildfire expenses59 1,987 963 8,251 
Non-GAAP (Core) income - discontinued operations$18,451 $16,172 $79,410 $72,567 
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Reconciliation of GAAP to non-GAAP Measures (continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Three months ended December 31Years ended December 31
(in thousands)2024202320242023
Maui windstorm and wildfires related costs
Pretax expenses:
Legal expenses$11,237 $18,486 $51,406 $24,737 
Outside services expenses6,080 5,826 8,500 10,532 
Wildfire tort-related claims
— — 1,915,000 75,000 
Other expenses7,614 834 32,753 3,316 
Interest expenses2,204 720 11,168 1,223 
Pretax expenses27,135 25,866 2,018,827 114,808 
Insurance recoveries(9,808)(23,613)(85,781)(98,613)
Deferral of cost(13,817)(14,692)(37,960)(14,692)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment 3,510 (12,439)1,895,086 1,503 
Income tax expense (benefits)1
(904)3,203 (487,985)(387)
After-tax adjustments$2,606 $(9,236)$1,407,101 $1,116 
Hawaiian Electric consolidated net income (loss)
GAAP2 net income (loss) (as reported)
$46,396 $58,183 $(1,226,362)$193,952 
Excluding special items related to the Maui windstorm and wildfires (after tax):
Legal expenses8,344 13,726 38,169 18,367 
Outside services expenses4,514 4,326 6,311 7,820 
Wildfire tort-related claims
— — 1,421,887 55,688 
Other expenses5,654 619 24,320 2,462 
Interest expenses1,636 534 8,292 908 
Maui windstorm and wildfires related expenses (after tax)20,148 19,205 1,498,979 85,245 
Insurance recoveries (after tax)(7,283)(17,532)(63,693)(73,220)
Deferral of cost (after tax)(10,259)(10,909)(28,185)(10,909)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax)2,606 (9,236)1,407,101 1,116 
Non-GAAP (Core) net income$49,002 $48,947 $180,739 $195,068 

1 Current year composite statutory tax rate of 25.75% is used for Utility amounts.
2 Accounting principles generally accepted in the United States of America.
Note: Legal, outside services and other are included in “Other operation and maintenance” and interest expense is included in “Interest expense and other charges, net” on the Hawaiian Electric and subsidiaries’ Consolidated Statements of Income Data.


11

Reconciliation of GAAP to non-GAAP Measures (continued)
Holding and Other Companies
Unaudited
Three months ended December 31Years ended December 31
(in thousands)2024202320242023
Maui windstorm and wildfires related costs
Pretax expenses:
Legal expenses$2,212 $5,282 $18,373 $9,232 
Outside services expenses1,461 814 2,514 1,492 
Other expenses667 200 2,650 203 
Interest expenses981 925 3,666 1,377 
Pretax expenses5,321 7,221 27,203 12,304 
Insurance recoveries(1,281)(5,967)(8,918)(5,967)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries4,040 1,254 18,285 6,337 
Income tax benefits1
(1,041)(323)(4,709)(1,632)
After-tax adjustments$2,999 $931 $13,576 $4,705 
Holding and Other Companies net loss
GAAP2 net loss (as reported)
$(17,230)$(12,625)$(96,161)$(48,076)
Excluding special items related to the Maui windstorm and wildfires (after tax):
Legal expenses1,643 3,922 13,642 6,855 
Outside services expenses1,085 605 1,867 1,108 
Other expenses493 147 1,966 150 
Interest expenses729 688 2,722 1,023 
Maui windstorm and wildfires related expenses (after tax)3,950 5,362 20,197 9,136 
Insurance recoveries (after tax)(951)(4,431)(6,621)(4,431)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries (after tax)2,999 931 13,576 4,705 
Asset impairment (after tax)— — 26,147 — 
Non-GAAP (Core) net loss$(14,231)$(11,694)$(56,438)$(43,371)
1 Current year composite statutory tax rate of 25.75% is used for Holding and Other Companies’ amounts.
2 Accounting principles generally accepted in the United States of America.
Note: Holding and Other Companies wildfire-related expenses (legal, outside services and other) are included in “Expenses-Other” and interest expense is included in “Interest expense, net” on the HEI and subsidiaries’ Consolidated Statements of Income Data.
12
v3.25.0.1
Cover
Feb. 21, 2025
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 21, 2025
Entity Registrant Name Hawaiian Electric Industries, Inc.
Entity File Number 1-8503
Entity Tax Identification Number 99-0208097
Entity Incorporation, State or Country Code HI
Entity Address, Address Line One 1001 Bishop Street
Entity Address, Address Line Two Suite 2900
Entity Address, City or Town Honolulu
Entity Address, State or Province HI
Entity Address, Postal Zip Code 96813
City Area Code 808
Local Phone Number 543-5662
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of each class Common Stock, Without Par Value
Trading Symbol HE
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000354707
Amendment Flag false
Hawaiian Electric Company, Inc.  
Entity Information [Line Items]  
Entity Registrant Name Hawaiian Electric Company, Inc.
Entity File Number 1-4955
Entity Tax Identification Number 99-0040500
Entity Address, Address Line One 1099 Alakea Street
Entity Address, Address Line Two Suite 2200
Entity Address, City or Town Honolulu
Entity Address, State or Province HI
Entity Address, Postal Zip Code 96813
City Area Code 808
Local Phone Number 543-7771
Entity Emerging Growth Company false
Entity Central Index Key 0000046207
Amendment Flag false
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