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Hawaiian Electric Industries, Inc. (HE-0.41%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details significant financial impacts due to the Maui windstorm and wildfires, with the company recording a net loss of approximately $104 million for the quarter and $1.36 billion for the nine months ended September 30, 2024.
The company's electric utility segment reported a net loss of approximately $83 million for the quarter and $1.27 billion for the nine months ended September 30, 2024, primarily due to wildfire-related claims.
Total wildfire tort-related claims recorded were approximately $1.92 billion, with the company planning to pay the proposed settlement in four equal annual installments.
Hawaiian Electric Industries completed a sale of 62.2 million shares of common stock, raising net proceeds of approximately $557.7 million to finance the first installment of the settlement.
The company's bank segment, American Savings Bank, reported a net income of $18.8 million for the quarter, despite recording an $82.2 million goodwill impairment in the second quarter of 2024.
The filing includes details on the company's financial position, showing total assets of $17.73 billion as of September 30, 2024, with liabilities totaling $16.12 billion.
The company continues to address the financial and operational impacts of the Maui windstorm and wildfires, including ongoing restoration efforts and insurance recovery processes.
The filing outlines various legal proceedings related to the wildfires, including approximately 750 lawsuits filed against the company and its subsidiaries.
Hawaiian Electric Industries is also involved in a securities class action and several shareholder derivative lawsuits, which are in various stages of litigation.
Management believes that current cash balances, available credit facilities, and recent equity offerings provide sufficient liquidity to meet the company's obligations over the next 12 months.
The company continues to evaluate strategic options for its bank segment and other assets, with a focus on maintaining financial stability and addressing ongoing legal and regulatory challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hawaiian Electric Industries, Inc. 5% PRF PERPETUAL USD 20 - Ser E quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.