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Hawaiian Electric Industries, Inc. HE
Utilities - Diversified Utilities - NYSE - US
Watchlist
$ 10.28
4.47 %
$ 1.77 B
Market Cap
-0.88
P/E
1. INTRINSIC VALUE

Hawaiian Electric Industries, Inc., together with its subsidiaries, engages in the electric utility, banking, and renewable/sustainable infrastructure investment businesses in the state of Hawaii. It operates in three segments: Electric Utility, Bank, and Other. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai. Its renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other biofuels. This segment serves suburban communities, resorts, the United States armed forces installations, and agricultural operations. The Bank segment operates a community bank that offers banking and other financial services to consumers and businesses, including savings and checking accounts; and loans comprising residential and commercial real estate, residential mortgage, construction and development, multifamily residential and commercial real estate, consumer, and commercial loans.[ Read More ]

The intrinsic value of one HE stock under the base case scenario is HIDDEN Compared to the current market price of 10.3 USD, Hawaiian Electric Industries, Inc. is HIDDEN

HE Intrinsic Value
HIDDEN
SHOW
2. FUNDAMENTAL ANALYSIS

Price Chart HE

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FINANCIALS
3.68 B REVENUE
-1.60%
Growth Rates
1Year -1.60%
3Years 12.59%
5Years 5.18%
7Years 6.43%
10Years 1.29%
353 M OPERATING INCOME
-7.47%
Growth Rates
1Year -7.47%
3Years 4.22%
5Years 1.13%
7Years 0.18%
10Years 1.12%
196 M NET INCOME
-19.37%
Growth Rates
1Year -19.37%
3Years -0.63%
5Years -0.77%
7Years -3.43%
10Years 1.83%
551 M OPERATING CASH FLOW
21.34%
Growth Rates
1Year 21.34%
3Years 8.70%
5Years 2.01%
7Years 1.55%
10Years 5.36%
-257 M INVESTING CASH FLOW
77.19%
Growth Rates
1Year 77.19%
3Years 43.32%
5Years 20.13%
7Years 13.94%
10Years 7.54%
196 M FINANCING CASH FLOW
-65.55%
Growth Rates
1Year -65.55%
3Years -44.03%
5Years -0.45%
7Years -1.59%
10Years -1.90%
938 M REVENUE
4.57%
Growth Rates
1Year -1.60%
3Years 12.59%
5Years 5.18%
7Years 6.43%
10Years 1.29%
-127 M OPERATING INCOME
92.64%
Growth Rates
1Year -7.47%
3Years 4.22%
5Years 1.13%
7Years 0.18%
10Years 1.12%
-18.8 M NET INCOME
98.54%
Growth Rates
1Year -19.37%
3Years -0.63%
5Years -0.77%
7Years -3.43%
10Years 1.83%
129 M OPERATING CASH FLOW
87.72%
Growth Rates
1Year 21.34%
3Years 8.70%
5Years 2.01%
7Years 1.55%
10Years 5.36%
-275 M INVESTING CASH FLOW
-703.38%
Growth Rates
1Year 77.19%
3Years 43.32%
5Years 20.13%
7Years 13.94%
10Years 7.54%
315 M FINANCING CASH FLOW
819.08%
Growth Rates
1Year -65.55%
3Years -44.03%
5Years -0.45%
7Years -1.59%
10Years -1.90%
Balance Sheet Decomposition Hawaiian Electric Industries, Inc.
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Current Assets 7.46 B
Cash & Short-Term Investments 1.82 B
Receivables 575 M
Other Current Assets 5.07 B
Non-Current Assets 475 M
Long-Term Investments 1.22 B
PP&E 6.25 B
Other Non-Current Assets -6.99 B
Current Liabilities 299 M
Accounts Payable 247 M
Short-Term Debt 0
Other Current Liabilities 51.2 M
Non-Current Liabilities 14.9 B
Long-Term Debt 3.98 B
Other Non-Current Liabilities 11 B
EFFICIENCY
Earnings Waterfall Hawaiian Electric Industries, Inc.
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Revenue 3.68 B
Cost Of Revenue 3.33 B
Gross Profit 353 M
Operating Expenses -15.2 M
Operating Income 353 M
Other Expenses 157 M
Net Income 196 M
RATIOS
9.58% GROSS MARGIN
9.58%
Averages
1Year 9.58%
3Years 11.10%
5Years 11.50%
7Years 11.77%
10Years 11.96%
9.58% OPERATING MARGIN
9.58%
Averages
1Year 9.58%
3Years 8.02%
5Years 7.78%
7Years 9.11%
10Years 10.10%
5.46% NET MARGIN
5.46%
Averages
1Year 5.46%
3Years 6.89%
5Years 7.21%
7Years 7.10%
10Years 7.17%
8.58% ROE
8.58%
Averages
1Year 8.58%
3Years 10.00%
5Years 9.63%
7Years 9.37%
10Years 9.56%
1.17% ROA
1.17%
Averages
1Year 1.17%
3Years 1.41%
5Years 1.43%
7Years 1.43%
10Years 1.49%
4.86% ROIC
4.86%
Averages
1Year 4.86%
3Years 4.15%
5Years 3.88%
7Years 4.39%
10Years 4.77%
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis Hawaiian Electric Industries, Inc.
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Net Income 196 M
Depreciation & Amortization 268 M
Capital Expenditures -448 M
Stock-Based Compensation 0
Change in Working Capital -25.9 M
Others 58 M
Free Cash Flow 103 M
3. WALL STREET ANALYSTS ESTIMATES
Wall Street Analysts Price Targets Hawaiian Electric Industries, Inc.
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Wall Street analysts predict an average 1-year price target for HE of $20.4 , with forecasts ranging from a low of $14 to a high of $42 .
HE Lowest Price Target Wall Street Target
14 USD 36.19%
HE Average Price Target Wall Street Target
20.4 USD 98.44%
HE Highest Price Target Wall Street Target
42 USD 308.56%
4. DIVIDEND ANALYSIS
2.26% DIVIDEND YIELD
0.36 USD DIVIDEND PER SHARE
5. COMPETITION

DTE Energy Company engages in the utility operations. The company's Electric segment generates, purchases, distributes, and sells electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan.

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113 USD
DTE
Overvalued 5.78%

Alliant Energy Corporation operates as a utility holding company that provides regulated electricity and natural gas services. It operates through three segments: Utility Electric Operations, Utility Gas Operations, and Utility Other.

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45.7 USD
LNT
Overvalued 25.09%

Ameren Corporation, together with its subsidiaries, operates as a public utility holding company in the United States. It operates through four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission.

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86.8 USD
AEE
Overvalued 4.85%

CenterPoint Energy, Inc. operates as a public utility holding company in the United States. The company operates through Electric and Natural Gas segments.

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30.3 USD
CNP
Overvalued 1.89%

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona.

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75.3 USD
PNW
Overvalued 18.05%

CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and Enterprises.

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61.7 USD
CMS
Overvalued 9.61%

MGE Energy, Inc., through its subsidiaries, operates as a public utility holding company primarily in Wisconsin. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other.

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-37.9 USD
MGEE
Overvalued 136.10%

Evergy, Inc., together with its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in Kansas and Missouri, the United States.

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-50.1 USD
EVRG
Overvalued 178.53%

Portland General Electric Company, an integrated electric utility company, engages in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity in the state of Oregon.

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48 USD
POR
Undervalued 2.83%

OGE Energy Corp., together with its subsidiaries, operates as an energy and energy services provider that offers physical delivery and related services for electricity, natural gas, crude oil, and natural gas liquids in the United States.

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39.1 USD
OGE
Overvalued 8.69%

Entergy Corporation, together with its subsidiaries, engages in the production and retail distribution of electricity in the United States. The company operates in two segments, Utility and Entergy Wholesale Commodities.

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115 USD
ETR
Overvalued 22.72%

Entergy Texas Inc. is an integrated energy company engaged in electric power production and retail electric distribution operations. The company operates through a Utility segment that includes generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans, and the operation of a small natural gas distribution business in portions of Louisiana.

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0 USD
ETI-P
Overvalued 100.00%

Centrais Elétricas Brasileiras S.A. - Eletrobras, through its subsidiaries, engages in the generation, transmission, and distribution of electricity in Brazil. The company generates electricity through hydroelectric, thermal, nuclear, wind, and solar plants.

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8.7 USD
EBR
Undervalued 40.37%

IDACORP, Inc., together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States.

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-71.3 USD
IDA
Overvalued 160.83%
6. Ownership
Insider Ownership Hawaiian Electric Industries, Inc.
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Sold
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
0 USD 0
Bought
0 USD 0
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
Date Value Insider Amount Avg Price
1 year ago
Mar 08, 2023
Sell 392 K USD
RUSSELL KEITH P
Director
- 10000
 39.212 USD
2 years ago
May 19, 2022
Sell 930 K USD
Hazelton Gregory C
EVP & CFO
- 22000
 42.25 USD
2 years ago
Dec 14, 2021
Sell 166 K USD
LAU CONSTANCE H
President & CEO
- 4000
 41.53 USD
2 years ago
Dec 15, 2021
Sell 1.31 M USD
LAU CONSTANCE H
President & CEO
- 31000
 42.15 USD
3 years ago
May 13, 2021
Sell 18.3 K USD
Hazelton Gregory C
EVP & CFO
- 409
 44.8 USD
3 years ago
May 13, 2021
Sell 129 K USD
Hazelton Gregory C
EVP & CFO
- 2887
 44.801 USD
3 years ago
May 13, 2021
Sell 179 USD
Hazelton Gregory C
EVP & CFO
- 4
 44.81 USD
3 years ago
May 13, 2021
Sell 4.48 K USD
Hazelton Gregory C
EVP & CFO
- 100
 44.815 USD
4 years ago
Jun 03, 2020
Sell 91.8 K USD
Hazelton Gregory C
EVP & CFO
- 2325
 39.49 USD
4 years ago
Jun 03, 2020
Sell 3.95 K USD
Hazelton Gregory C
EVP & CFO
- 100
 39.5 USD
4 years ago
Jun 03, 2020
Sell 66.2 K USD
Hazelton Gregory C
EVP & CFO
- 1675
 39.51 USD
4 years ago
Jun 03, 2020
Sell 35.6 K USD
Hazelton Gregory C
EVP & CFO
- 900
 39.52 USD
4 years ago
Mar 13, 2020
Bought 22.3 M USD
ValueAct Holdings, L.P.
Director
+ 542252
 41.11 USD
4 years ago
Mar 12, 2020
Bought 15.8 M USD
ValueAct Holdings, L.P.
Director
+ 400060
 39.59 USD
4 years ago
Mar 11, 2020
Bought 31.7 M USD
ValueAct Holdings, L.P.
Director
+ 755600
 41.94 USD
4 years ago
Mar 04, 2020
Sell 1.86 M USD
WACKER RICHARD F
Pres & CEO, Amer Savings Bank
- 40000
 46.394 USD
5 years ago
Sep 12, 2019
Sell 125 K USD
KANE MICAH A.
Director
- 2800
 44.6 USD
5 years ago
Aug 14, 2019
Sell 22.1 K USD
WATANABE JEFFREY N
Director
- 500
 44.236 USD
5 years ago
Aug 14, 2019
Sell 66.3 K USD
WATANABE JEFFREY N
Director
- 1500
 44.22 USD
5 years ago
Aug 14, 2019
Sell 44.2 K USD
WATANABE JEFFREY N
Director
- 1000
 44.225 USD
5 years ago
Aug 14, 2019
Sell 119 K USD
WATANABE JEFFREY N
Director
- 2700
 44.2 USD
5 years ago
Mar 06, 2019
Sell 214 K USD
SCOTT JAMES K
Director
- 5500
 38.8474 USD
6 years ago
May 16, 2018
Sell 333 K USD
FARGO THOMAS B
Director
- 10000
 33.2872 USD
6 years ago
Mar 05, 2018
Sell 3.32 K USD
WATANABE JEFFREY N
Director
- 100
 33.18 USD
6 years ago
Mar 05, 2018
Sell 3.32 K USD
WATANABE JEFFREY N
Director
- 100
 33.1909 USD
6 years ago
Mar 05, 2018
Sell 17 K USD
WATANABE JEFFREY N
Director
- 513
 33.17 USD
6 years ago
Mar 05, 2018
Sell 285 K USD
WATANABE JEFFREY N
Director
- 8587
 33.18 USD
7 years ago
Nov 07, 2017
Sell 201 K USD
FARGO THOMAS B
Director
- 5500
 36.4567 USD
8 years ago
Sep 08, 2016
Sell 453 K USD
TANIGUCHI BARRY K
Director
- 14942.4107
 30.2862 USD
8 years ago
Aug 25, 2016
Sell 480 K USD
Richardson Chester A
EVP GC & Chief Admin Officer
- 15921
 30.1645 USD
8 years ago
Aug 15, 2016
Sell 526 K USD
MYERS A MAURICE
Director
- 17250
 30.4719 USD
8 years ago
Aug 15, 2016
Sell 526 K USD
MYERS A MAURICE
Director
- 17250
 30.4719 USD
8 years ago
Aug 10, 2016
Sell 214 K USD
FARGO THOMAS B
Director
- 7000
 30.6007 USD
9 years ago
Dec 30, 2014
Bought 8.12 K USD
FOWLER PEGGY Y
Director
+ 236.7617
 34.3172 USD
10 years ago
Sep 30, 2014
Bought 8.13 K USD
FOWLER PEGGY Y
Director
+ 304.0316
 26.7242 USD
10 years ago
Jun 30, 2014
Bought 8.12 K USD
FOWLER PEGGY Y
Director
+ 320.1516
 25.3786 USD
10 years ago
Mar 31, 2014
Bought 8.13 K USD
FOWLER PEGGY Y
Director
+ 320.7824
 25.3287 USD
10 years ago
Dec 30, 2013
Bought 8.12 K USD
FOWLER PEGGY Y
Director
+ 313.3436
 25.93 USD
10 years ago
Dec 03, 2013
Sell 101 K USD
WATANABE JEFFREY N
Director
- 4000
 25.33 USD
11 years ago
Nov 13, 2013
Sell 72.5 K USD
MYERS A MAURICE
Director
- 2742.5
 26.444 USD
11 years ago
Sep 30, 2013
Bought 8.13 K USD
FOWLER PEGGY Y
Director
+ 322.6127
 25.185 USD
11 years ago
Jul 01, 2013
Bought 8.13 K USD
FOWLER PEGGY Y
Director
+ 322.3567
 25.205 USD
11 years ago
Apr 01, 2013
Bought 8.12 K USD
FOWLER PEGGY Y
Director
+ 294.1176
 27.625 USD
11 years ago
Dec 31, 2012
Bought 8.13 K USD
FOWLER PEGGY Y
Director
+ 325.9126
 24.93 USD
12 years ago
Oct 01, 2012
Bought 8.13 K USD
FOWLER PEGGY Y
Director
+ 307.9985
 26.38 USD
12 years ago
Jul 02, 2012
Bought 8.13 K USD
FOWLER PEGGY Y
Director
+ 283.7437
 28.635 USD
12 years ago
Apr 10, 2012
Sell 8.45 K USD
KOSTECKI DAVID M
VP - Controller & CAO
- 338
 24.987 USD
12 years ago
Apr 10, 2012
Sell 13 K USD
Richardson Chester A
EVP GC & Chief Admin Officer
- 520
 24.987 USD
12 years ago
Mar 30, 2012
Bought 8.12 K USD
FOWLER PEGGY Y
Director
+ 321.8459
 25.245 USD
12 years ago
Mar 02, 2012
Sell 113 K USD
WATANABE JEFFREY N
Director
- 4500
 25.0314 USD
12 years ago
Dec 30, 2011
Bought 8.13 K USD
FOWLER PEGGY Y
Director
+ 303.9599
 26.7305 USD
12 years ago
Dec 06, 2011
Sell 1.22 M USD
LAU CONSTANCE H
President & CEO
- 47300
 25.8127 USD
13 years ago
Sep 30, 2011
Bought 8.13 K USD
FOWLER PEGGY Y
Director
+ 331.4744
 24.5117 USD
13 years ago
Sep 07, 2011
Sell 57.7 K USD
LI VICTOR H
- 2500
 23.0875 USD
13 years ago
Aug 08, 2011
Bought 264 K USD
WACKER RICHARD F
Pres & CEO, Amer Savings Bank
+ 12000
 22 USD
13 years ago
Jun 30, 2011
Bought 4.64 K USD
FOWLER PEGGY Y
Director
+ 194.3428
 23.89 USD
13 years ago
Jun 08, 2011
Sell 23.7 K USD
LI VICTOR H
- 1000
 23.716 USD
13 years ago
Jun 08, 2011
Sell 35.6 K USD
LI VICTOR H
- 1500
 23.716 USD
13 years ago
May 24, 2011
Sell 58.2 K USD
TANIGUCHI BARRY K
Director
- 2339.2145
 24.8841 USD
13 years ago
May 17, 2011
Sell 348 K USD
LAU CONSTANCE H
President & CEO
- 13378
 26 USD
7. News
Hawaiian Electric Continues to Advance Wildfire Safety Efforts HONOLULU--(BUSINESS WIRE)--Hawaiian Electric Continues to Advance Wildfire Safety Efforts. businesswire.com - 5 days ago
Hawaiian Electric price target raised to $11 from $9 at Evercore ISI Evercore ISI raised the firm's price target on Hawaiian Electric to $11 from $9 and keeps an In Line rating on the shares. With Q3 results, Hawaiian was able to reclassify its short-term liability with a plan to pay the proposed settlement in four equal annual installments and the company revised its total settlement accrual to $1.92B, classifying the first $479M installment as a current liability based on expected timing of the payment, and the remaining amount as a non-current liability, the analyst noted. Management has concluded that the conditions that led to the substantial doubt regarding Hawaiian's ability to continue as a going concern have been mitigated and the resolution of its "going concern" risk alleviates a financing timeline crunch, the analyst tells investors. https://thefly.com - 6 days ago
Hawaiian Electric Industries, Inc. (HE) Q3 2024 Earnings Call Transcript Hawaiian Electric Industries, Inc. (NYSE:HE ) Q3 2024 Earnings Conference Call November 8, 2024 4:30 PM ET Company Participants Mateo Garcia - Director, Investor Relations Scott Seu - President and Chief Executive Officer Scott DeGhetto - Executive Vice President, Chief Financial Officer and Treasurer Joseph Viola - Senior Vice President, Customer, Legal and Regulatory Affairs Paul Ito - Senior Vice President, Chief Financial Officer and Treasurer Conference Call Participants Michael Lonegan - Evercore ISI Jonathan Reeder - Wells Fargo Operator Good afternoon. My name is Audra, and I will be your conference operator today. seekingalpha.com - 1 week ago
Hawaiian Electric Industries to Announce Third Quarter 2024 Results November 8; American Savings Bank to Announce Third Quarter 2024 Results October 30 HONOLULU--(BUSINESS WIRE)--HEI to Announce Third Quarter 2024 Results November 8; American Savings Bank to Announce Third Quarter 2024 Results October 30. businesswire.com - 1 month ago
Hawaiian Electric (HE) Stock Experiences Significant Price Drop Amid Negative Earnings Report Hawaiian Electric (HE, Financial) recently witnessed a sharp decline in its stock price, dropping by 5.02% to $9.28 per share. The trading volume reached 1.65725 million shares with a turnover rate of 0.96% and a price amplitude of 4.96%. gurufocus.com - 1 month ago
Hawaiian Electric Issues Statement Regarding Maui Fire Department Report on August 2023 Wildfires HONOLULU--(BUSINESS WIRE)--Hawaiian Electric issues statement regarding Maui Fire Department report on August 2023 wildfires. businesswire.com - 1 month ago
HEI Successfully Raises $558 Million Through Recent Equity Offering HONOLULU--(BUSINESS WIRE)--HEI Successfully Raises $558 Million Through Recent Equity Offering. businesswire.com - 1 month ago
Hawaiian Electric Shares Sink on $500M Stock Sale To Pay for Maui Fire Damages Shares of Hawaiian Electric Industries (HE), or HEI, tumbled Tuesday, a day after the holding company for the state's biggest power provider announced a major stock sale at a discounted price to help pay for damages related to last year's deadly Maui wildfires. investopedia.com - 1 month ago
Snowflake, Hawaiian Electric Industries And Other Big Stocks Moving Lower In Tuesday's Pre-Market Session U.S. stock futures were higher this morning, with the Nasdaq futures gaining around 50 points on Tuesday. benzinga.com - 1 month ago
Hawaiian Electric falls after disclosing $250 mln stock offering plan Shares of Hawaiian Electric fell 3.3% premarket on Thursday after the parent company of Hawaii's largest utility said it plans to sell up to $250 million worth of shares to partly fund its portion of the Maui wildfire settlement. reuters.com - 1 month ago
Why Hawaiian Electric Plunged 35.2% in August Hawaiian Electric raised bankruptcy concerns with "going concern" language in its second-quarter report. The company has reached a settlement with plaintiffs regarding the August 2023 wildfires. fool.com - 2 months ago
Valuing Hawaiian Electric Industries Parties have reached a settlement agreement over last year's Maui wildfires. While some details are unknown, the settlement gives more certainty to Hawaii Electric Industries' outlook. HE shares look to be trading at a discount to its post-settlement valuation. seekingalpha.com - 2 months ago
8. Profile Summary

Hawaiian Electric Industries, Inc. HE

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COUNTRY US
INDUSTRY Diversified Utilities
MARKET CAP $ 1.77 B
Dividend Yield 2.26%
Description Hawaiian Electric Industries, Inc., together with its subsidiaries, engages in the electric utility, banking, and renewable/sustainable infrastructure investment businesses in the state of Hawaii. It operates in three segments: Electric Utility, Bank, and Other. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai. Its renewable energy sources and potential sources include wind, solar, photovoltaic, geothermal, wave, hydroelectric, municipal waste, and other biofuels. This segment serves suburban communities, resorts, the United States armed forces installations, and agricultural operations. The Bank segment operates a community bank that offers banking and other financial services to consumers and businesses, including savings and checking accounts; and loans comprising residential and commercial real estate, residential mortgage, construction and development, multifamily residential and commercial real estate, consumer, and commercial loans. This segment operates 42 branches, including 29 branches in Oahu, 6 branches in Maui, 4 branches in Hawaii, 2 branches in Kauai, and 1 branch in Molokai. The Other segment invests in non-regulated renewable energy and sustainable infrastructure in the State of Hawaii. Hawaiian Electric Industries Inc. was incorporated in 1891 and is headquartered in Honolulu, Hawaii.
Contact 1001 Bishop Street, Honolulu, HI, 96813 https://www.hei.com
IPO Date July 18, 1964
Employees 3597
Officers Mr. Scott W. H. Seu President, Chief Executive Officer & Director Ms. Ann C. Teranishi Chief Executive Officer, President & Director of American Savings Bank Ms. Julie R. Smolinski Vice President of Strategy & Corporate Sustainability Bruce K. Tamashiro Controller & Principal Accounting Officer Ms. Shelee M. T. Kimura President & Chief Executive Officer of Hawaiian Electric Company, Inc. Mr. James P. Kelly Vice President of Government, Community Relations & Corporate Communications Mr. Joseph P. Viola Senior Vice President of Customer, Legal & Regulatory Affairs Ms. Jacqueline I. U. Ingamells Vice President of Human Resources & Chief People Strategist Mr. Scott T. DeGhetto Executive Vice President, Chief Financial Officer & Treasurer Mateo Garcia Director of Investor Relations