Calpine

(CPN)

reported fourth-quarter earnings that rose sharply from a year ago and topped analysts' expectations by 3 cents.

The power company, located in San Jose, Calif., said income for the quarter rose to $107.7 million, or 34 cents a share, from $30.8 million, or 12 cents a share, in the same period last year. According to a

First Call/Thomson Financial

survey, 12 analysts produced a consensus estimate of 31 cents a share for the quarter.

Quarterly revenue rose to $1 billion from $247.5 million last year.

Shares of Calpine recently gained 47 cents, or 1.2%, to $40.48 in composite trading on the

New York Stock Exchange

.