logo
Share SHARE
FONT-SIZE Plus   Neg

ITC Holdings Q1 Profit Rises; Backs FY12 Profit View - Quick Facts

ITC Holdings Corp. (ITC) reported first-quarter net income was $46.1 million or $0.88 per share, up from $42.0 million or $0.81 per share for the first quarter of 2011.

Operating earnings for the quarter were $48.6 million, or $0.93 per share, compared to operating earnings of $42.0 million, or $0.81 per share for the first quarter of 2011.

Operating revenues for the first quarter increased to $196.7 million from $179.4 million for the same period last year. This increase was primarily due to higher network revenues attributable to higher rate base at our regulated operating subsidiaries and higher recoverable expenses associated with operating expenses.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share on revenues of $204.04 million for the quarter. Analysts' estimates typically exclude special items.

For 2012, the company reaffirmed its full year 2012 operating earnings guidance in a range of $3.90 to $4.05 per share, excluding expenses associated with implementing the transaction with Entergy. Analysts expect the company to report earnings of $4.03 per share for fiscal 2012.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Netflix offers a bunch of popular movies, Netflix originals, new TV shows, and documentaries in the month of December 2016, including the second season of the hit sitcom 'Fuller House' and 2016 blockbuster 'Captain America: Civil War', as all are getting ready for the holidays. SpaceX, the space transport company of Tech entrepreneur Elon Musk, is likely to launch its first Falcon 9 rocket since September's launchpad explosion on December 16. SpaceX's satellite launch customer Iridium Communications Inc. announced Thursday that its next-generation global satellite constellation, Iridium NEXT, will be launched on SpaceX's Falcon 9 rocket. Bank holding company Wells Fargo & Co., amid struggles to re-establish itself after the fake-account scandal, on Thursday said it has separated the roles of the Chairman and Chief Executive Officer formally, by amending the company's By-Laws. The amendment is also for the Chairman and Vice Chairman of the Board to be independent directors. The amendments were effective immediately.
comments powered by Disqus
Follow RTT