Hawaiian Electric Industries (HEI) reported third quarter 2026 revenue of $1.01 billion and GAAP diluted EPS of $0.20, both significantly exceeding analyst estimates. Performance was primarily driven by $64 million in total pre-tax realized and unrealized gains from the monetization of its stake in American Savings Bank, which helped offset $14 million in storm restoration costs and a $51 million impairment at its Pacific Current segment.
Key Highlights
- Revenue increased 27.6% year-over-year to $1.01 billion, driven largely by higher utility segment revenues from the annual revenue adjustment mechanism.
- Management prepaid $80 million toward the second wildfire settlement installment, utilizing an early-payment discount to reduce the $479 million obligation by $82 million.
- Electric utility net income declined to $13.5 million from $37 million year-over-year, impacted by $18 million in non-cash accretion expense related to wildfire liabilities and $14 million in incremental storm costs.
- The company recorded a $51 million pre-tax asset impairment at Pacific Current related to its strategic exit from the Mahipapa biomass plant on Kauai.