Hawaiian Electric posts $1.7B loss from Maui wildfires; issues going concern warning

Hawaiian Electric Industries ( NYSE: HE) -7.1% post-market Friday after reporting a Q2 bottom line of $1.29 B, consisting of a $1.71 B loss from the accrual of approximated liabilities from tort-related legal claims associated with in 2015’s Maui wildfires that eliminated more than 100 individuals.

Omitting the wildfire liabilities, Q2 core earnings was up to $49.1 M compared to $54.6 M in the year-earlier quarter.

Hawaiian Electric (HE) revealed a “going issue” danger: “Till a conclusive funding strategy is established and is possible of being carried out, HEI and Hawaiian Electric will reveal a ‘going issue’ danger in their monetary declarations.”

” After conclusive funding strategies remain in location and most likely to be carried out, such a going issue danger is anticipated to be dealt with,” the business stated. “This danger is the outcome of approximated payments under the settlement arrangement.”