04:51 PM EST, 11/08/2024 (MT Newswires) -- Hawaiian Electric Industries ( HE ) reported a Q3 non-GAAP net income late Friday of $0.46 per diluted share, down from $0.56 a year earlier.

Two analysts polled by Capital IQ expected $0.53.

Total revenue for the quarter ended Sept. 30 was $938.4 million, compared with $901.9 million a year earlier.

The analyst consensus for revenue was not available.

Hawaiian Electric completed a common stock offering in September, raising $557.7 million in net proceeds. The company said it intends to use proceeds to fund its contribution to the anticipated Maui wildfire tort litigation settlement and for general corporate purposes.

The company said the factors creating substantial doubt about its ability to continue as a going concern have been mitigated as it plans to meet its $1.92 billion payment obligation through four equal annual installments of approximately $478.8 million.

Hawaiian Electric said it is prepared to fund the first settlement payment, expected in late 2025.

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