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By Will Feuer
Shares of Hawaiian Electric Industries fell in midday trading after the banking and electric-utility company reported third-quarter results and updated investors on the fallout from the Maui wildfire.
The stock fell nearly 17%, to $11.64. Shares are down 72% this year.
The company on Thursday evening suspended its financial outlook for the year, and said its quarterly regulatory filing would be delayed due to the announcement earlier this week of a fund for some victims of the Maui wildfire.
Hawaiian Electric will contribute $75 million to the fund, pulling from its insurance payout, Chief Executive Scott Seu says, and expects to file its 10-Q report early next week as a result. People who opt in to the fund will waive their ability to get compensation via litigation.
The company also suspended its guidance as it seeks to get its arms around the fallout from the wildfires, including dozens of pending lawsuits.
For the third quarter, the company reported a profit of 37 cents a share, down from 57 cents a share a year ago. The recent quarter included about $27.6 million in charges related to the wildfire.
Adjusted earnings for the quarter were 56 cents a share, topping the 54 cents a share expected by analysts, according to FactSet.
Revenue fell more than 13%, to $901.9 million.
Write to Will Feuer at [email protected]
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