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

Editors Pick
British lender Lloyds Banking Group Plc. Friday reported higher profit in its first half, benefited by increased net interest income and margin as well as lower impairment. Looking ahead, the company lifted its net interest margin forecast. Amgen reported an increase in second-quarter profit, driven by sales of arthritis drug Enbrel and osteoporosis treatments Xgeva and Prolia, and improved margins. Both earnings and sales topped Wall Street estimates. Electronic Arts Inc. (EA) on Thursday reported an increase in profit for the first quarter, reflecting continued strong digital revenues, with both earnings and revenues topping Wall Street estimates. However, shares of the company fell over 4 percent, after having detailed a weak outlook. Redwood...
comments powered by Disqus
RELATED NEWS
Trade ITC now with 
Follow RTT