Xcel Energy Inc. (XEL) has reported an 8.83 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $227.48 million, or $0.45 a share in the quarter, compared with $209.02 million, or $0.41 a share for the same period last year.

Revenue during the quarter grew 5.63 percent to $2,794.65 million from $2,645.82 million in the previous year period. Gross margin for the quarter contracted 105 basis points over the previous year period to 55.76 percent. Total expenses were 83.35 percent of quarterly revenues, up from 83.33 percent for the same period last year. That has resulted in a contraction of 2 basis points in operating margin to 16.65 percent.

Operating income for the quarter was $465.35 million, compared with $441.01 million in the previous year period.

"We had an excellent year," said chairman, president and chief executive officer Ben Fowke. "We achieved our financial targets and maintained a disciplined approach to managing costs. Our achievements in 2016 were the result of dedicated cost management, a continued focus on operational and commercial excellence, commitment to stakeholder collaboration and an engaged workforce. These fundamentals are the hallmark of Xcel Energy, and why I am so proud of our long track record of success."

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