HEI posts $1.30B Q2 net loss on $1.71B wildfire liability accrual; going concern risk disclosed

HAWAIIAN ELECTRIC INDUSTRIES INC

2024-Q2 EPS reported -$11.37 revenue$1,794,518,000

2Q24 net loss of $1.30B ($11.74 per share) includes $1.71B accrual for estimated Maui wildfire tort liabilities.
Excluding wildfire charges and ASB goodwill impairment, core net income was $49.1M vs $54.6M year ago.
Agreement in principle reached to settle all tort claims from 2023 Maui wildfires; settlement accrual recorded.
Going concern risk due to lack of financing plan for settlement payment; utility dividend to HEI suspended.
ASB recorded $82.2M goodwill impairment on strategic review; bank net loss of $45.8M.

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