Hawaiian Electric Industries, Inc. (NYSE:HE) Q2 2022 Earnings Conference Call August 8, 2022 4:15 PM ET
Company Participants
Julie Smolinski - VP, IR and Corporate Sustainability
Scott Seu - President & CEO
Paul Ito - Interim HEI CFO
Shelee Kimura - President & CEO, Hawaiian Electric
Ann Teranishi - American Savings Bank President and CEO;
Dane Teruya - EVP & CFO, American Savings Bank, F.S.B.
Conference Call Participants
Julien Dumoulin-Smith - Bank of America
Paul Patterson - Glenrock Associates
Colton Ching - SVP, Planning & Technology
Operator
Good afternoon. Thank you for attending today's Q2 2022 Hawaiian Electric Industries Inc. Earnings Conference Call. My name is Tania and I will be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. [Operator Instructions]
It is now my pleasure to pass the conference over to our host, Julie Smolinski, Vice President, Investor Relations and Corporate Sustainability. Please proceed?
Julie Smolinski
Thank you, Tania. Welcome everyone to HEI's second quarter 2022 earnings call. Joining me today are Scott Seu, HEI's President and CEO; Paul Ito, Interim HEI CFO; Shelee Kimura, Hawaiian Electric President and CEO; Ann Teranishi, American Savings Bank President and CEO; and other members of senior management.
Our press release and our presentation for this call are available on the Investor Relations section of our website. As a reminder, forward-looking statements will be made on today's call. Factors that could cause actual results to differ materially from expectations can be found in our presentation, our SEC filings, and in the Investor Relations section of our website.
Now, Scott will begin with his remarks.
Scott Seu
Greetings everyone. Thank you for joining us today. We're pleased with our consolidated second quarter earnings of $52.5 million and earnings per share of $0.48. Our earnings reflect solid results at the utility, which continues to perform well under the performance-based regulation framework. While we've continued to see the higher O&M expenses we mentioned on last quarter's call and which we'll discuss further shortly, we expect to remain within our utility guidance range for the year, albeit within the lower half of the range.
The bank had a good quarter as well, benefiting from strong loan growth and the higher rate environment. With the bank's loan growth, the quarter also saw a return to a more normalized provision expense following five consecutive quarters of negative provision. While this reduced the bank's results versus the prior year and linked quarters. This was consistent with dynamics anticipated for this year. Overall, we are reaffirming our consolidated guidance range for the year.