HEI reports 2023 net income of $199M, down 17% YoY; dividend cut to $1.08

HAWAIIAN ELECTRIC INDUSTRIES INC

Net income for common stock $199.2M vs $241.1M in 2022; diluted EPS $1.81 vs $2.20.
Bank operating income fell to $77.6M from $101.5M; total operating income $352.6M vs $381.1M.
Dividend cut to $1.08/share from $1.40; payout ratio 59% vs 64%.
Market price/book value collapsed to 67% from 208%; ROE 8.8% vs 10.5%.
Electric utility operating income $302.2M, modestly up from $299.2M.

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