Hawaiian Electric posts $1.7B loss from Maui wildfires; issues going concern warning
Sebastian Frank/iStock via Getty Images Hawaiian Electric Industries (NYSE:HE) -7.1% post-market Friday after reporting a Q2 net loss of $1.29B, including a $1.71B loss from the accrual of estimated liabilities from tort-related legal claims related to last year's Maui wildfires that killed more than 100 people. Excluding the wildfire liabilities, Q2 core net income fell to $49.1M compared to $54.6M in the year-earlier quarter. Hawaiian Electric (HE) disclosed a \"going concern\" risk: \"Until a definitive financing plan is developed and is probable of being implemented, HEI and Hawaiian Electric will disclose a 'going concern' risk in their financial statements.\" \"After definitive financing plans are in place and likely to be implemented, such a going concern risk is expected to be resolved,\" the company said. \"This risk is the result of estimated payments under the settlement agreement.\"
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