ITC Holdings Corp. (ITC: Quote) Tuesday reported a second-quarter profit of $42.4 million or $0.81 per share, down from $43 million or $0.83 per share in the same period last year.
Operating earnings were $54.8 million or $1.05 per share, compared to $43 million or $0.83 per share last year.
On average, six analysts polled by Thomson Reuters expected the company to earn $1 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenues totaled $197.4 million, up from $185.1 million last year. Analysts expected revenues of $208.17 million.
Operating expenses increased to $98.9 million from $84.9 million last year.
Looking ahead to the fiscal year 2012, ITC updated its full-year earnings guidance to a range of $3.95 to $4.05 per share. This compares to the previous guidance range of $3.90 to $4.05 per share.
Analysts currently expect the company to earn $4.01 per share for 2012.
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by RTT Staff Writer
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