Hawaiian Electric Industries Inc. announced today that it earned $34 million during the first quarter 2008.

The parent of Hawaiian Electric Co. and American Savings Bank said it earned 41 cents per share during the three months ending March 31, which was up from an unusually weak first quarter 2007 when the company netted 8 cents per share, or $6.8 million.

Shares of HEI rose 28 cents to close at $25.42 on the New York Stock Exchange today..