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
Tinder has launched a premium version of its popular dating app called Tinder Plus, which will cost users $9.99 each month, and double if they are over 30. In the US, Tinder Plus costs users $9.99 a month for users under 30 years, and $19.99 if users are over 30. Meanwhile, users under the age... European soft drinks and fruit juices bottler Refresco Gerber is pursuing initial public offering in Amsterdam to support its future growth. The firm which has been owned by private equity plans to list on Euronext. A new study shows that teens are able to easily buy e-cigarettes Online despite age restrictions. Teens could successfully have the nicotine-free e-cigarettes delivered to their doorsteps 94 percent of the time. Meanwhile, the sales of e-cigarettes, or vaping smokes, to young people under age 18 are already banned in a total of 41 states in the U.S.
comments powered by Disqus
RELATED NEWS
Trade ITC now with 
Follow RTT