By Roshan Fernandez
Hawaiian Electric Industries reported higher profit in the first quarter, during which it continued to expand its wildfire safety and resilience measures in the wake of the 2023 Maui wildfires.
The utility company said its first-quarter profit was $48.1 million, or 15 cents a share, compared with a profit of $39.5 million, or 38 cents a share, a year earlier.
Excluding one-time items per-share earnings were 23 cents a share.
Revenue fell to $744.1 million, down from $792 million a year earlier.
The company reported $4.5 million in Maui wildfires and windstorm related expenses, net of insurance recoveries and approved deferral treatments in the first quarter.
Chief Executive Scott Seu said the utility continues to fortify operations from future potential wildfires. Hawaiian Electric expects to make its first settlement payment in a tort litigation settlement stemming from the Maui wildfire early next year.
Hawaii's state legislature recently directed the Public Utilities Commission to establish a liability cap for future wildfires.
Write to Roshan Fernandez at roshan.fernandez@wsj.com
(END) Dow Jones Newswires
May 09, 2025 17:00 ET (21:00 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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