Cray Inc. (CRAY) has reported an 155.11 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $51.78 million, or $1.27 a share in the quarter, compared with $20.30 million, or $0.50 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $56.30 million, or $1.38 a share compared with $32.20 million or $0.79 a share, a year ago.

Revenue during the quarter grew 29.57 percent to $346.57 million from $267.47 million in the previous year period. Gross margin for the quarter expanded 255 basis points over the previous year period to 34.77 percent. Total expenses were 81.98 percent of quarterly revenues, down from 88.72 percent for the same period last year. This has led to an improvement of 674 basis points in operating margin to 18.02 percent.

Operating income for the quarter was $62.45 million, compared with $30.18 million in the previous year period.

However, the adjusted operating income for the quarter stood at $65.50 million compared to $33.60 million in the prior year period. At the same time, adjusted operating margin improved 634 basis points in the quarter to 18.90 percent from 12.56 percent in the last year period.

"While 2016 wasn't nearly as strong as we originally targeted, we finished the year well, with the largest revenue quarter in our history and solid cash balances, as well as delivering profitability for the year," said Peter Ungaro, president and chief executive officer of Cray. "We completed numerous large system installations around the world in the fourth quarter, providing our customers with the most scalable, highest performance supercomputing, storage and analytics solutions in the market. We continue to lead the industry at the high-end and, despite an ongoing downturn in the market, we’re in excellent position to continue to deliver for our customers and drive long-term growth."

For the first-quarter 2017, Cray Inc. expects revenue to be $55 million.