Hawaiian Electric Industries, Inc. (HE) Earnings Call Transcripts
Hawaiian Electric Industries, Inc.'s Latest Earnings Call - Q1 FY2026
In the first quarter of 2026, Hawaiian Electric Industries, Inc. (HEI) reported a net income of $30.5 million, or $0.18 per share, up from $26.7 million, or $0.15 per share, in Q1 2025. However, utility core net income decreased to $35.7 million from $49.7 million year-over-year, primarily due to higher operating and maintenance expenses driven by severe weather events. Management indicated that 2026 will be a transitional year as they prepare for a rate rebasing in 2027, with a proposed increase in consolidated base rates of approximately 5.3%.
Reported metrics
| Metric | Value |
|---|---|
| Net Income | $30.5 million (beat) |
| EPS | $0.18 (beat) |
| Utility Core Net Income | $35.7 million (miss) |
| Operating Expenses | Higher O&M expenses (negative) |
| Liquidity | $437 million (positive) |
| Proposed Rate Increase | 5.3% (positive) |
Guidance from management
Management expects 2026 to be a transitional year with higher operating expenses and is preparing for a rate rebasing in 2027. They anticipate a proposed 5.3% increase in consolidated base rates to moderate customer impacts while allowing for necessary investments.
What management said
James, to your first question, no, there hasn't been any change to the way we're going to phase in the proposed revenue increase. And second, we're waiting for further guidance from the commission. When we filed the proposal since this was a novel process, we suggested a procedural process to review this that would allow for public input. And also, we expect that we need to get a certification from the commission tha...
So Jay, let me answer the first question. So the question was how our carrying costs accounted for associated with the project. So we would accrue AFUDC at our current approved weighted average cost of capital. which on Oahu, I believe, is about 7.37% for -- on a combined basis. So we would accrue AFUDC at that rate.
What analysts pressed on
Analysts expressed concerns regarding the impact of severe weather on operating expenses and the potential for increased bad debt due to elevated fuel prices. There were also questions about the timing and implications of the rate rebasing proposal amidst high customer bills.
Main topics on the call
- Maui Wildfire Settlement — HEI made its first $479 million payment related to the Maui wildfire tort settlement, marking a significant milestone in the company's recovery efforts. CEO Scott Seu stated, "This marks a pivotal milestone for those who...
- Severe Weather Impact — The company faced unprecedented heavy rains and damaging winds, leading to increased operating expenses and a decrease in utility net income. CFO Paul Ito noted that these events required "35 days of emergency response b...
- Rate Rebasing Proposal — HEI has submitted a rate rebasing request that proposes a 5.3% increase in consolidated base rates, aimed at moderating customer impacts while allowing for necessary investments. Scott Seu emphasized that the proposal pr...
- Increased Operating Expenses — Management expects higher operating and maintenance expenses in 2026 due to various factors, including increased insurance premiums and storm response costs. CFO Paul Ito stated, "We expect these expenses to drive an O&M...
Read the full Hawaiian Electric Industries, Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Hawaiian Electric Industries, Inc.
Hawaiian Electric Industries, Inc. (HE) is a publicly listed company in the Electric Utilities industry, within the Utilities sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 29 calls on record spanning February 13, 2020 to May 8, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 29 Hawaiian Electric Industries, Inc. earnings call transcripts on record, spanning February 13, 2020 to May 8, 2026. Based on this history, Hawaiian Electric Industries, Inc. reports quarterly. The most recent call on file is dated May 8, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- HE
- Exchange
- NYSE
- Country
- US
- Sector
- Utilities
- Industry
- Electric Utilities
- Calls on record
- 29
- First call
- February 13, 2020
- Most recent
- May 8, 2026
- Reporting cadence
- quarterly