Hawaiian Electric Industries Inc. today reported a 32.8 percent rise in its first quarter earnings due to higher electricity rates and usage.

The company said it netted $27.1 million, or 29 cents per share, during the three months ending March 31, 2010, compared to $20.4 million, or 22 cents in the year-earlier period.

Shares of Hawaiian Electric were up 96 cents, or more than 4.3 percent, to $23.08 on the New York Stock Exchange today.

The company said higher electricity rates added $9 million in revenue during the quarter while kilowatt hour sales rose 1.9 percent.