Hawaiian Electric Industries posted higher revenue in the second quarter and said it has made progress in reducing wildfire risk in its service territories.

HEI and its subsidiaries on Friday reported net income of $123.2 million, or 71 cents a share, compared with $26.09 million, or 15 cents a share, a year earlier.

The company attributed the increase in profit to pre-tax variances, including remeasurement of the remaining settlement liability tied to the Maui wildfire to present value, insurance recoveries recognized as an adjustment to the tort-related legal claim and revenue from adjust mechanism.

Revenue rose to $939.7 million, from $746.4 million in the year-ago quarter.

Hawaiian Electric said core net income was $33 million compared with $42 million due to higher interest expense and higher operation and maintenance costs.

Chief Executive Scott Seu said the company has continued progressing its Wildfire Mitigation Plan implementation and its credit rating is improving, with another rating agency upgrading the company in recent months, acknowledging the progress we've made reducing wildfire risk in our service territories.

"Stronger credit ratings ultimately lower our cost of borrowing, which directly improves customer affordability," Seu said. "Moving forward, we'll continue to focus on making the investments outlined in our Wildfire Mitigation Plan, while operating efficiently and maintaining financial strength."