Hawaiian Electric Q4 Earnings Preview: Wildfire Settlement, Renewable Energy Projects On Watch
Hawaiian Electric Industries, Inc. (NYSE:HE) is set to report its fourth-quarter results on Friday during market hours. Here's a look at what to expect in the report.
What To Watch: Investors and analysts will be watching closely for updates on the company’s financial health following the 2023 Maui wildfires and the ongoing related litigation.
On Feb. 11, the Hawaii Supreme Court sided with Hawaiian Electric and ruled against insurance companies, preventing them from separately suing parties blamed for the wildfires once the settlement is finalized. The total settlement related to the 2023 Maui wildfires is over $4 billion, with Hawaiian Electric Industries contributing $1.99 billion.
Hawaiian Electric's multi-year grid resilience program to harden against wildfires, hurricanes, tsunamis and flooding will also be watched closely for possible updates.
Investors will also be looking for details on the company's renewable energy initiatives. Hawaiian Electric on Wednesday announced two new contracts for solar and energy storage projects which are pending review and approval by the Hawaii Public Utilities Commission.
HE Trades: In early February, California Congressional Representative Gilbert Cisneros disclosed a purchase of between $50,000 and $100,000 of Hawaiian Electric stock. Hedge fund Third Point dissolved its stake in the company during the fourth quarter of 2024.
Expert Ideas: Hawaiian Electric Industries stock has a consensus price target of $14.36 based on the ratings of seven analysts. Barclays analyst Nicholas Campanella initiated coverage on the stock with an Equal-Weight rating and a price target of $10 earlier this month.
According to estimates from Benzinga Pro, analysts expect the company to report quarterly earnings of 40 cents per share and revenue of $1.16 billion. Hawaiian Electric is set to host a conference call to discuss the results at 4:30 p.m. ET on Friday.
Price Action: Per Benzinga Pro, Hawaiian Electric Industries shares are up 0.55% at $10.90 at the time of publication Thursday.
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