Hawaiian Electric Industries today reported a sharp decline in its fourth quarter earnings.

The company said it earned $13.9 million, or 16 cents per share, during the three months ending Dec. 31, down from $40.6 million or 49 cents per share in the year-earlier period.

Shares of HEI dropped $1.47 today to close at $17.69 on the New York Stock Exchange.

"(In) the fourth quarter and especially in December, the company felt the impact of a sharp decline in the Hawaii economy, the depressed national economy and volatility in the financial markets," said Constance H. Lau, HEI president and chief executive officer.