Xcel Energy Inc. (XEL) has reported a 0.84 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $239.28 million, or $0.47 a share in the quarter, compared with $241.31 million, or $0.47 a share for the same period last year.

Revenue during the quarter grew 6.28 percent to $2,946.42 million from $2,772.27 million in the previous year period. Gross margin for the quarter contracted 144 basis points over the previous year period to 55.91 percent. Total expenses were 83.50 percent of quarterly revenues, up from 82.33 percent for the same period last year. That has resulted in a contraction of 117 basis points in operating margin to 16.50 percent.

Operating income for the quarter was $486.22 million, compared with $489.87 million in the previous year period.

"We've made excellent progress on our steel for fuel strategy this quarter, with proposals for new wind farms that would add almost 3,400 megawatts of wind generation to our system. With wind energy at historic low prices in our operating territories, we can secure savings that will benefit customers for decades to come. Our plan offers impressive economic and environmental benefits that appeal to our customers, stakeholders and shareholders and strengthens our position as an affordable, reliable, clean energy provider," said Ben Fowke, chairman, president and chief executive officer of Xcel Energy. "First quarter earnings were generally in line with our internal plan, despite the unfavorable impact of warmer temperatures. We are on track to keep our operating costs flat for the full year and deliver earnings within our 2017 guidance range," concluded Fowke.

For financial year 2017, Xcel Energy Inc. projects diluted earnings per share to be in the range of $2.25 to $2.35.