ITC Holdings Corp. (ITC), Wednesday provided initial outlook for fiscal 2010 earnings per share, while it reaffirmed its 2009 forecast.
For fiscal 2009, the company still expects earnings of $2.32 to $2.42 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $2.37 per share for the year. Analysts' estimates typically exclude special items.
For fiscal 2010, the company anticipates earnings of $2.52 to $2.62 per share. Street expects earnings of $2.70 per share for the year 2010.
Excluding the $0.11 per share impact on 2009 earnings per share associated with the creation of regulatory assets for start-up and development expenses for ITC Great Plains, the midpoint of the 2010 earnings per share guidance range represents an increase of about 14%, compared to the midpoint of the adjusted 2009 guidance range.
Additionally, ITC unveiled a new five year capital expenditure plan of about $3 billion. During the years 2010 to 2014, ITC anticipates investing about $2.3 billion in its base businesses, including expected transmission investments associated with generator interconnections, and about $700 million in its development projects.
The five year capital investment plan is projected to increase ITC's consolidated rate base from about $2.1 billion as of the end of 2008 to about $4.5 billion at the end of 2014.
The company noted that this increase in rate base is expected to result in compound annual growth in earnings per share of about 13% to 15% over this period.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.