Hawaiian Electric Industries Inc.’s net income fell 12.1 percent in the first quarter but the company said it expects improvement in its utility operations during the second half of the year and reaffirmed its 2013 earnings guidance.

The holding company for Hawaiian Electric Co. and American Savings Bank reported Wednesday that net income declined to $33.7 million, or 34 cents a share, missing by 4 cents analysts’ estimate of 38 cents a share. In the year-earlier quarter, HEI earned $38.3 million, or 40 cents a share.

Revenue fell 3.8 percent to $784.1 million from $814.9 million.

HEI President and CEO Connie Lau said the financial results were consistent with the company’s expectations and that there had been significant progress on HEI’s long-term strategies. In March, the company completed a $180 million common stock offering that will meet HEI’s equity needs through 2014.

"This will enable us to fund the largest capital plan in our utilities’ history as (we) modernize the electric grid for more lower-cost renewable energy," Lau said on an earnings conference call.

The additional capital will allow HECO, which operates the utilities on Oahu, Maui and Hawaii island, to bring on more renewable energy and improve reliability.

"In 2012, we reached a record 13.9 percent of energy needs from renewable generation and are on track to exceed the next clean energy goal of 15 percent in 2015," Lau said.

HECO, the utility subsidiary of HEI, saw its earnings drop 10.5 percent last quarter to $24.4 million from $27.3 million in the year-ago period primarily because of a $5 million increase in operations and maintenance expenses. HEI said it expects those expenses to be more evenly distributed throughout this year than they were in 2012.

"It was pretty much a solid quarter," said analyst Nick Yuelys of New York-based Gabelli & Co. "Earnings declined a little bit due to higher operating and maintenance (O&M) expenses in the quarter, but that just appears to be a timing issue."

Lau said the company still expects to earn $1.58 to $1.68 per share this year. HEI earned $1.68 a share in 2012.

HEI’s earnings included the results from American Savings Bank, which announced separately on April 30 that its net income fell 10.8 percent to $14.2 million from $15.9 million in the year-earlier quarter.

"We are successfully executing on our strategies," Lau said on the conference call. "Our utility continued to focus on fulfilling a clean energy mandate for Hawaii, and our bank is focused on growing in a controlled and prudent manner in this ongoing low-interest rate environment, while continuing to deliver solid results."

The company also maintained its quarterly dividend at 31 cents a share, equivalent to an annual rate of $1.24 a share, or a 4.4 percent yield. It will be payable on June 12 to shareholders of record at the close of business on May 22.

HEI’s stock declined 13 cents Wednesday to $27.97 on the New York Stock Exchange. The earnings were released before the market opened.