Red Eléctrica Corporación SA said its normalized net income for the fourth quarter came to 25 euro cents per share, a gain from 24 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €134.2 million, an increase from €131.9 million in the prior-year period.
The normalized profit margin dropped to 26.7% from 27.0% in the year-earlier period.
Total revenue increased year over year to €503.3 million from €488.6 million, and total operating expenses grew 5.5% year over year to €258.3 million from €244.7 million.
Reported net income increased 5.3% from the prior-year period to €165.6 million, or 31 cents per share, from €157.2 million, or 29 cents per share.
For the year, the company's normalized net income totaled 98 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of €1.19.
EPS rose from 96 cents in the prior year.
Normalized net income was €530.0 million, an increase from €518.3 million in the prior year.
Full-year total revenue totaled €1.97 billion, compared with €1.96 billion in the prior year, and total operating expenses came to €991.9 million, compared with €992.2 million in the year-earlier period.
The company said reported net income grew year over year to €636.9 million, or €1.18 per share, in the full year, from €606.0 million, or €1.12 per share.
