Hawaiian Electric Industries (NYSE:HE) Releases Quarterly Earnings Results, Misses Estimates By $0.09 EPS

Hawaiian Electric Industries (NYSE:HE) announced its quarterly earnings results on Friday. The utilities provider reported $0.18 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.09), FiscalAI reports. The business had revenue of $746.45 million during the quarter, compared to analyst estimates of $805.26 million. Hawaiian Electric Industries had a net margin of 4.09% and a return on equity of 9.82%.

Here are the key takeaways from Hawaiian Electric Industries’ conference call:

• The company finalized the Maui Wildfire tort settlement (final conditions satisfied April 10) and made the first of four $479 million annual payments from a special-purpose vehicle, reducing litigation uncertainty while planning to fund future payments with debt/convertible debt and/or equity targeting investment‑grade metrics.
• HEI reports strong liquidity and improving credit momentum — the utility and holding company have roughly ~$1 billion of combined liquidity (cash plus available credit/ATM/ABL facilities) and Moody’s upgraded the utility to Ba1 and the holding company to Ba2 after the settlement.
• Rising global oil prices are increasing customer bills and working capital needs; management expects higher O&M (driven by severe storm response, insurance, vegetation management, IT and labor) and will realize a penalty under the Fuel Cost Risk Sharing (FCRS), which reduces revenue and contributed to lower core earnings year‑over‑year.
• HEI and Ulupono submitted a joint rate rebasing proposal seeking ~5.3% consolidated base‑rate increase phased across 2027–28 (avg. bill +$8–$12 in 2027, +$2–$3 in 2028) with proposed PBR incentives (200 bps total); the PUC review process and final outcomes remain uncertain.
• The PUC approved the Waiau Generating Station repowering with $908 million recoverable through EPRM, HEI expects higher total project costs and plans to seek an additional ~$247 million in a future rate proceeding, and Waiau CapEx for 2026 was increased to ~$157 million.

Hawaiian Electric Industries Stock Down 3.9%

NYSE HE traded down $0.59 during trading hours on Friday, hitting $14.83. 3,263,313 shares of the company were exchanged, compared to its average volume of 1,626,839. The company has a 50 day moving average of $15.18 and a two-hundred day moving average of $13.88. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 1.74. Hawaiian Electric Industries has a 52-week low of $10.14 and a 52-week high of $17.38. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 20.88 and a beta of 0.54.

Hawaiian Electric Industries News Summary

Here are the key news stories impacting Hawaiian Electric Industries this week:

• Negative Sentiment: HEI reported first-quarter 2026 adjusted earnings of $0.18 per share, missing analyst estimates of $0.27, while revenue of $746.45 million also fell short of expectations of $805.26 million. HEI Reports First Quarter 2026 Results
• Neutral Sentiment: On the earnings call, management framed the quarter as part of an ongoing recovery effort, with commentary suggesting the business is balancing operational risks and longer-term improvement efforts. Hawaiian Electric’s Earnings Call Balances Risks and Recovery
• Negative Sentiment: Zacks Research cut Hawaiian Electric Industries from strong-buy to hold, adding to the cautious tone around the stock after the earnings report. Hawaiian Electric Industries (NYSE:HE) Cut to Hold at Zacks Research
• Neutral Sentiment: The company’s Q1 earnings transcript and snapshot confirm the same results, with net income of $30 million, or $0.18 per share, up slightly from a year ago but still below analyst forecasts. Hawaiian Electric (HE) Q1 2026 Earnings Transcript

Institutional Investors Weigh In On Hawaiian Electric Industries

Several large investors have recently bought and sold shares of the stock. Invesco Ltd. increased its holdings in Hawaiian Electric Industries by 160.8% during the 4th quarter. Invesco Ltd. now owns 682,036 shares of the utilities provider’s stock worth $8,389,000 after purchasing an additional 420,560 shares during the period. Corient Private Wealth LLC increased its holdings in Hawaiian Electric Industries by 189.3% during the 4th quarter. Corient Private Wealth LLC now owns 166,472 shares of the utilities provider’s stock worth $2,048,000 after purchasing an additional 108,932 shares during the period. Mercer Global Advisors Inc. ADV increased its holdings in Hawaiian Electric Industries by 45.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 59,899 shares of the utilities provider’s stock worth $737,000 after purchasing an additional 18,855 shares during the period. JCP Investment Management LLC increased its holdings in Hawaiian Electric Industries by 18.1% during the 4th quarter. JCP Investment Management LLC now owns 425,000 shares of the utilities provider’s stock worth $5,228,000 after purchasing an additional 65,000 shares during the period. Finally, State of Tennessee Department of Treasury purchased a new stake in Hawaiian Electric Industries during the 4th quarter worth about $834,000. Hedge funds and other institutional investors own 59.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on HE. Zacks Research downgraded Hawaiian Electric Industries from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Weiss Ratings upgraded Hawaiian Electric Industries from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, March 2nd. Jefferies Financial Group downgraded Hawaiian Electric Industries from a “hold” rating to an “underperform” rating and cut their price objective for the company from $13.50 to $12.50 in a report on Tuesday, January 20th. Wall Street Zen downgraded Hawaiian Electric Industries from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. Finally, Barclays boosted their price objective on Hawaiian Electric Industries from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Monday, March 2nd. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $13.25.

Hawaiian Electric Industries Company Profile

Hawaiian Electric Industries, Inc is a diversified holding company operating in the energy and financial services sectors in the state of Hawaii. Its principal subsidiary, Hawaiian Electric Company, provides generation, transmission, distribution and customer service to the island of Oahu, while its Maui Electric and Hawaii Electric Light Company subsidiaries serve Maui, Molokai, Lanai and Hawaii Island. The roots of the electric utility business trace back to 1891 when service first commenced in Honolulu.

Through its subsidiary Hawaii Gas, HEI extends its energy portfolio to include the distribution of natural gas and propane, supporting residential, commercial and industrial customers across the islands.