Hawaiian Electric (HE) reported a Q2 net profit of $123.2 million, or $0.71 per share. However, this increase was primarily driven by a non-cash Maui wildfire settlement adjustment. Excluding this adjustment, the company's core net profit actually decreased to $22.5 million, or $0.13 per share, down from $35.4 million and $0.20 per share in the same period last year. Nevertheless, the company made progress on the regulatory front, including the Public Utilities Commission's approval of approximately $350 million in wildfire mitigation program expenditures, with plans for securitization financing; concurrently, S&P and Moody's upgraded Hawaiian Electric's credit ratings in July and April, respectively.