---
schema_version: "secwatch.filing_event.v1"
accession: "0000354707-24-000007"
form_type: "8-K"
ticker: "HE"
cik: "0000354707"
company_name: "HAWAIIAN ELECTRIC INDUSTRIES INC"
filed_at: "2024-02-13T23:59:59+00:00"
generated_at: "2026-06-06T03:52:18.120959+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# HEI 2023 net income $199M ($1.81 EPS) down from $241M; core EPS $2.04 vs $2.14; utility dividend cut to $13M

## Summary
- Full-year net income $199.2M ($1.81 diluted EPS) vs $241.1M ($2.20) in 2022; included $14.1M after-tax wildfire expenses and $11.0M after-tax securities loss.
- Core net income $224.3M ($2.04 EPS) vs $235.0M ($2.14); utility core net income $195.1M (excl. wildfire-related costs).
- Utility dividend cut: Hawaiian Electric board declared $13M Q1 dividend to HEI, down from ~$30M in prior quarters, to retain cash for Maui restoration and investments.
- ASB full-year net income $53.4M (incl. $8.3M wildfire costs and $11.0M securities loss); core net income $72.6M; net interest income flat at $252M.
- Q4 2023 net income $48.8M ($0.44 EPS) vs $57.3M ($0.52); core Q4 net income $53.4M ($0.48).

## SEC filing metadata
- accession: 0000354707-24-000007
- form_type: 8-K
- ticker: HE
- cik: 0000354707
- company_name: HAWAIIAN ELECTRIC INDUSTRIES INC
- filed_at: 2024-02-13T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/354707/000035470724000007/0000354707-24-000007-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/46207/000035470724000007/he-20240213.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000354707-24-000007
- JSON: https://secwatch.observer/filing/0000354707-24-000007.json
- Plain text: https://secwatch.observer/filing/0000354707-24-000007.txt

## Key facts
- Earnings Releases
  HAWAIIAN ELECTRIC INDUSTRIES INC reported Full year 2022 results: net income $188.9 million.
  - Period: Full year 2022
  - Net income: $188.9 million
  - Result: reported results
  source text: Full year 2023 consolidated net income for common stock of $199.2 million and EPS of $1.81 compared to $241.1 million and EPS of $2.20 for 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/354707/000035470724000007/0000354707-24-000007-index.htm
- Earnings Releases
  HAWAIIAN ELECTRIC INDUSTRIES INC reported Full year 2022 results: net income $188.9 million.
  - Period: Full year 2022
  - Net income: $188.9 million
  - Result: reported results
  source text: Core net income and EPS 1 for the year were $224.3 million and $2.04, respectively, compared to $235.0 million and $2.14 for 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/354707/000035470724000007/0000354707-24-000007-index.htm
- Earnings Releases
  HAWAIIAN ELECTRIC INDUSTRIES INC reported Full year 2022 results: net income $188.9 million.
  - Period: Full year 2022
  - Net income: $188.9 million
  - Result: reported results
  source text: Hawaiian Electric’s full-year net income was $194.0 million compared to $188.9 million in 2022
  evidence_url: https://www.sec.gov/Archives/edgar/data/354707/000035470724000007/0000354707-24-000007-index.htm
- Earnings Releases
  HAWAIIAN ELECTRIC INDUSTRIES INC reported Fourth quarter of 2022 results: net income $48.6 million.
  - Period: Fourth quarter of 2022
  - Net income: $48.6 million
  - Result: reported results
  source text: For the fourth quarter of 2023, consolidated net income for common stock was $48.8 million and EPS was $0.44 compared to $57.3 million and EPS of $0.52 for the fourth quarter of 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/354707/000035470724000007/0000354707-24-000007-index.htm
- Earnings Releases
  HAWAIIAN ELECTRIC INDUSTRIES INC reported Fourth quarter of 2022 results: net income $48.6 million.
  - Period: Fourth quarter of 2022
  - Net income: $48.6 million
  - Result: reported results
  source text: Hawaiian Electric’s net income for the fourth quarter of 2023 was $58.2 million, compared to $48.6 million in the fourth quarter of 2022
  evidence_url: https://www.sec.gov/Archives/edgar/data/354707/000035470724000007/0000354707-24-000007-index.htm
- Earnings Releases
  HAWAIIAN ELECTRIC INDUSTRIES INC reported Fourth quarter of 2023 results: net income $48.9 million.
  - Period: Fourth quarter of 2023
  - Net income: $48.9 million
  - Result: reported results
  source text: For the fourth quarter of 2023, consolidated net income for common stock was $48.8 million and EPS was $0.44
  evidence_url: https://www.sec.gov/Archives/edgar/data/354707/000035470724000007/0000354707-24-000007-index.htm
- Earnings Releases
  HAWAIIAN ELECTRIC INDUSTRIES INC reported Fourth quarter of 2023 results: net income $48.9 million.
  - Period: Fourth quarter of 2023
  - Net income: $48.9 million
  - Result: reported results
  source text: Core net income and EPS 1 for the fourth quarter were $53.4 million and $0.48, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/354707/000035470724000007/0000354707-24-000007-index.htm
- Earnings Releases
  HAWAIIAN ELECTRIC INDUSTRIES INC reported Fourth quarter of 2023 results: net income $48.9 million.
  - Period: Fourth quarter of 2023
  - Net income: $48.9 million
  - Result: reported results
  source text: Hawaiian Electric’s net income for the fourth quarter of 2023 was $58.2 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/354707/000035470724000007/0000354707-24-000007-index.htm
- Earnings Releases
  HAWAIIAN ELECTRIC INDUSTRIES INC reported Fourth quarter of 2023 results: net income $48.9 million.
  - Period: Fourth quarter of 2023
  - Net income: $48.9 million
  - Result: reported results
  source text: Normalizing for the deferral treatment and insurance recoveries, and excluding incremental after-tax Maui windstorm and wildfire-related expenses, Hawaiian Electric’s core net income 3 for the fourth quarter of 2023 was $48.9 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/354707/000035470724000007/0000354707-24-000007-index.htm
- Earnings Releases
  HAWAIIAN ELECTRIC INDUSTRIES INC reported Full year 2023 results: net income $195.1 million.
  - Period: Full year 2023
  - Net income: $195.1 million
  - Result: reported results
  source text: Full Year Net Income of $199.2 million and Diluted Earnings Per Share (EPS) of $1.81
  evidence_url: https://www.sec.gov/Archives/edgar/data/354707/000035470724000007/0000354707-24-000007-index.htm
- Earnings Releases
  HAWAIIAN ELECTRIC INDUSTRIES INC reported Full year 2023 results: net income $195.1 million.
  - Period: Full year 2023
  - Net income: $195.1 million
  - Result: reported results
  source text: Core net income and EPS 1 for the year were $224.3 million and $2.04, respectively
  evidence_url: https://www.sec.gov/Archives/edgar/data/354707/000035470724000007/0000354707-24-000007-index.htm
- Earnings Releases
  HAWAIIAN ELECTRIC INDUSTRIES INC reported Full year 2023 results: net income $195.1 million.
  - Period: Full year 2023
  - Net income: $195.1 million
  - Result: reported results
  source text: Hawaiian Electric’s full-year net income was $194.0 million compared to $188.9 million in 2022
  evidence_url: https://www.sec.gov/Archives/edgar/data/354707/000035470724000007/0000354707-24-000007-index.htm
- Earnings Releases
  HAWAIIAN ELECTRIC INDUSTRIES INC reported Full year 2023 results: net income $195.1 million.
  - Period: Full year 2023
  - Net income: $195.1 million
  - Result: reported results
  source text: Excluding incremental after-tax Maui windstorm and wildfire-related expenses, Hawaiian Electric’s core net income 3 for 2023 was $195.1 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/354707/000035470724000007/0000354707-24-000007-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.