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
Google has rejected the European Union's charges that it abused its market power and the demanded that it change the way it ranks online comparison shopping services in its search results, setting up a potentially long legal battle with the EU regulator empowered to levy billions of euros in fines Bimbo Bakeries is recalling packages of certain bread products across 11 states, after it received three consumer-reports of small pieces of glass found on the outside of the bread. Design software maker Autodesk, Inc. said Thursday after the markets closed that it swung to a second quarter loss, hurt by lower revenue and a hefty tax charge. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast.
comments powered by Disqus
RELATED NEWS
Trade ITC now with 
Follow RTT