Hawaiian Electric Company, Inc. reported a decline in revenue for the first quarter of 2025, generating $738.4 million compared to $788.6 million in the same period of 2024, marking a decrease of approximately 6.4%. The company's net income for common stock was $47.8 million, a 22% increase from $39.2 million in the prior year. This increase in profitability was attributed to improved operating income, which rose to $75.9 million from $63.4 million, driven by lower fuel costs and operational efficiencies. Total expenses decreased to $662.4 million from $725.2 million, primarily due to reduced fuel oil and purchased power costs.
The company experienced significant operational changes, including the sale of its bank subsidiary, ASB, which was completed in December 2024. This strategic decision has allowed Hawaiian Electric to focus on its core electric utility operations. Additionally, Hawaiian Electric has been actively involved in addressing the aftermath of the Maui windstorm and wildfires that occurred in August 2023, which resulted in substantial property damage and loss of life. The company has accrued approximately $1.92 billion in liabilities related to the settlement of tort claims arising from these events, with a first installment payment of $479 million due in early 2026.
As of March 31, 2025, Hawaiian Electric reported a total of 1.4 million customers, reflecting a slight increase in customer accounts. The company has also noted a 3.1% increase in kilowatt-hour sales volume compared to the same quarter in 2024, attributed to warmer weather and economic recovery efforts post-wildfires. However, the company continues to face challenges with elevated accounts receivable, which remain higher than pre-pandemic levels due to ongoing collection moratoriums in Maui.
Looking ahead, Hawaiian Electric is focused on enhancing its financial stability and operational resilience. The company has implemented various measures, including a new asset-based lending facility allowing for up to $250 million in borrowings. Additionally, Hawaiian Electric is exploring further financing options to meet its obligations related to the wildfire settlements and to support ongoing capital expenditures. The company’s management remains optimistic about its ability to navigate these challenges while continuing to provide reliable service to its customers.
About HAWAIIAN ELECTRIC CO INC
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