PNM Resources, Inc. (PNM) has reported a 625.98 percent jump in profit for the year ended Dec. 31, 2016. The company has earned $117.38 million, or $1.46 a share in the year, compared with $16.17 million, or $0.20 a share for the last year. On the other hand, adjusted net income for the year stood at $132.39 million, or $1.65 a share compared with $131.48 million or $1.64 a share, a year ago.

Revenue during the year dropped 5.29 percent to $1,362.95 million from $1,439.08 million in the previous year. Gross margin for the year expanded 436 basis points over the previous year to 72.08 percent. Total expenses were 79.60 percent of annual revenues, down from 91.36 percent for the last year. This has led to an improvement of 1175 basis points in operating margin to 20.40 percent.

Operating income for the year was $277.98 million, compared with $124.35 million in the previous year.

"In 2016, we made progress by creating value for customers, communities and shareholders, despite a challenging year of rate case litigation in New Mexico," said Pat Vincent-Collawn, PNM Resources' chairman, president and chief executive officer. "As we further our efforts in 2017, we will continue to seek fair regulatory outcomes that balance the interests of customers and investors, and above all, remain focused on serving our customers."

For financial year 2017, PNM Resources, Inc. projects diluted earnings per share to be in the range of $1.77 to $1.87 on adjusted basis.