Hawaiian Electric Industries, Inc., parent company of Hawaiian Electric, American Savings Bank, and Pacific Current, released its first-quarter financial results during a Tuesday morning conference call. HEI reported a Q1 net income of $54.7m, up from $48,6m in the previous quarter and down from $62,2m in the first quarter 2022.
Scott Seu, HEI's President and CEO, said on the phone that "our combination of businesses delivered solid results in the 1st quarter." The utility continues its ability to deliver consistent results under performance-based regulations, or PBR. It also operates efficiently to deliver earnings growth."
Hawaiian Electric, the company's electric utility reported a Q1 net income of $47.6 million. This compares to $46.4 million for the previous quarter and $48.6 millions in the quarter before, according to PBN. According to the announcement, the increase in revenues was primarily due to $8 million, which included $7 million from an annual revenue adjustment mechanism as well as $1 million from a major project interim recovery. This was partially offset by higher operating and maintenance costs, higher depreciation expenses, higher other expenses and higher interest expenses.
American Savings Bank has reported an 18 million dollar net profit for the first quarter, up from 17 million dollars in the prior quarter. This is a significant increase compared to the $17,9 million reported in the previous quarter. The same quarter in 2022 will see a $23.9 million net profit.
According to HEI, the holding companies and other companies had a net loss of $10.9 million during Q1 compared to $1.1 in 2022's first quarter. According to HEI, the higher net loss is primarily due the $6.2m after-tax gain recorded by Pacific Current on the sale of a equity-method investment last year as well as the lower Pacific Current performance in the current fiscal year and higher interest expenses.
The announcement also stated that the Board of Directors of HEI declared a cash quarterly dividend of 36 cents a share. This dividend will be paid on June 9th to all stockholders who were in possession of their shares at the end of business on the 19th of May.