logo
Share SHARE
FONT-SIZE Plus   Neg

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

ITC Holdings Corp. (ITC: Quote) 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
Automakers on Friday reported higher U.S. vehicle sales for the month of April, helped by low gasoline prices as well as continuing strong demand for trucks and utility vehicles. General Motors Co. and FCA US, LLC each reported sales growth of about 6% for the month, while Ford Motor Co. and Toyota Motor Corp. reported 5.4% and 1.8% increases, respectively. Are you really ready for an objective appraisal of how old you look? If not, stay far away from How-Old.net, a website to guess how old you are, which was introduced at the recent Microsoft Build 2015 developer conference. The website has caught... LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its first quarter loss widened from last year, as higher costs and expenses more than offset a 35% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
RELATED NEWS
Trade ITC now with 
Follow RTT