Revenue during the quarter grew 7.37 percent to $591.56 million from $550.96 million in the previous year period. Total expenses were 88.53 percent of quarterly revenues, up from 87.50 percent for the same period last year. That has resulted in a contraction of 102 basis points in operating margin to 11.47 percent.

Operating income for the quarter was $67.86 million, compared with $68.85 million in the previous year period.

"Our utilities continue to be leaders in the transformation to clean energy and we're making significant upgrades to our grids to make them more resilient, reliable and renewable-ready. At American Savings Bank, we continue to deliver solid year over year earnings growth and strong first quarter annualized deposit growth of 9.1% while maintaining healthy capital levels," said Constance H. Lau, HEI president and chief executive officer.

Debt comes down
Hawaiian Electric Industries, Inc. has recorded a decline in total debt over the last one year. It stood at $1,821.10 million as on Mar. 31, 2017, down 9.09 percent or $182.08 million from $2,003.18 million on Mar. 31, 2016. Long-term debt stood at $1,618.65 million as on Mar. 31, 2017. Total debt was 14.52 percent of total assets as on Mar. 31, 2017, compared with 16.88 percent on Mar. 31, 2016. Debt to equity ratio was at 0.88 as on Mar. 31, 2017, down from 1.03 as on Mar. 31, 2016. Interest coverage ratio improved to 3.95 for the quarter from 3.74 for the same period last year.