ITC Holdings Corp. (ITC) Tuesday reported a rise in profit for the first quarter, helped mainly by higher revenues. However, both operating earnings and revenues came in below analysts' expectations.
Net income for the quarter increased to $50.19 million or $0.95 per share from $46.05 million or $0.88 per share in the comparable quarter last year. Operating earnings totaled $58.80 million or $1.12 per share, compared to $48.61 or $0.93 per share last year.
On average, seven analysts polled by Thomson Reuters expected the company to earn $1.16 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues improved to $217.3 million from $196.71 million last year. Analysts expected revenues of $231.70 million.
Looking ahead, the company has reaffirmed its full year operating earnings outlook range of $4.80 to $5.00 per share. Analysts currently expect full-year earnings of $4.94 per share.
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