Rising O&M Costs

Hawaiian Electric Industries (HEI) reported Q1 results showing net income of $30.5 million, up from $26.7 million a year earlier, and non‑GAAP earnings of $0.18 per diluted share versus $0.15 a year ago. Revenue for the quarter rose to $746.4 million from $744.1 million. Despite the top‑line growth, the company’s main subsidiary, Hawaiian Electric, recorded a 27 % YoY decline in net income due to higher operations‑and‑maintenance (O&M) costs, interest expense, and depreciation. HEI now expects full‑year O&M expenses to “significantly outpace inflation,” driven by rising insurance premiums, storm‑response, vegetation management, IT, and labor costs.