Vectren Utility Holdings Inc. (AVU) has reported a 10.09 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $51.30 million in the quarter, compared with $46.60 million for the same period last year.
Revenue during the quarter grew 13.43 percent to $383.50 million from $338.10 million in the previous year period. Gross margin for the quarter contracted 58 basis points over the previous year period to 43.08 percent. Total expenses were 75.62 percent of quarterly revenues, down from 75.95 percent for the same period last year. This has led to an improvement of 33 basis points in operating margin to 24.38 percent.
Operating income for the quarter was $93.50 million, compared with $81.30 million in the previous year period.
"Results for 2016 were very strong at $2.55 per share, reflecting another year of consistent earnings growth and, with the December dividend increase of 5 percent, 2016 marked the 57th consecutive year of increase. The utility operation performed very well in 2016, largely driven by our gas infrastructure investment programs and our focus on cost control," said Carl Chapman, Vectren's chairman, president and chief executive officer. "Our Energy Services business continues to grow nicely, as does Infrastructure Services' distribution operation as the demand for utility infrastructure replacement continues."
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