Hawaiian Electric Industries Inc. (NYSE:HE) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 04:15 pm ET

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Hawaiian Electric Industries Inc. (NYSE:HE) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Second Quarter 2020 Hawaiian Electric Industries Inc.'s Earnings Conference call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Julie Smolinski, Director of Investor Relations. Please go ahead.

Executive
Julie Smolinski

Thank you, Anita. Welcome, everyone, to Hawaiian Electric Industries' Second Quarter 2020 Earnings Call. Joining me today are Connie Lau, HEI President and CEO; Greg Hazelton, HEI Executive Vice President and CFO; Scott Seu, Hawaiian Electric President and CEO; Rich Wacker, American Savings Bank President and CEO and other members of senior management. We're continuing to follow social distancing procedures. So our executives are in different locations today. Please bear with us again if we have any delays or mixed audio quality during the call. On the call, we'll use non-GAAP financial measures to describe our operating performance. Our press release and presentation are posted in the Investor Relations section of our website and contain reconciliations of these measures to the comparable GAAP measures. 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 on our website. And now Connie will begin with her remarks.

Executive
Constance H Lau

Thanks, Julie, and Aloha to everyone. Thank you very much for joining us today, and we hope that you are safe and well and your families are as well. I am very proud of the performance of our company and our employees during this COVID-19 pandemic. While all of us face uncertainties regarding the trajectory of the virus and its implications for our pace of economic recovery, what is clear is the strength and resilience of our businesses, the dedication of our employees and our commitment to supporting our customers and our economy throughout this period. On last quarter's call, we talked about the strengths that would help our company navigate through COVID-19. Our long history of providing essential services for most of our state; our strong liquidity across our enterprise; the stabilizing effect of decoupling and other regulatory mechanisms at our utility; and our bank's conservative approach to risk, low-risk loan portfolio, low-cost core deposit base and strong capital position. This strong foundation, coupled with other factors that benefited earnings, enabled us to deliver solid financial results for the second quarter, $0.45 per share compared to $0.39 per share in the same period last year, while achieving important progress on our long-term goals. I'll start with an update on the virus and economic conditions in Hawaii before turning to an update on our companies. Then Greg will review our financial results and outlook. We're fortunate that Hawaii continues to have the nation's lowest COVID-19 mortality rate. While cases per capita in Hawaii have generally been lower than other states throughout the pandemic, we have seen an uptick in cases recently, which our state is working to address. We're seeing the effects of reopening of our local economy and unprecedented federal stimulus, which