ITC Holdings Corp. (ITC), Wednesday announced its earnings forecast, as well as capital expenditure for the year 2010 with its mid point reflecting an increase of about 14% from the mid point of adjusted earnings guidance for the year 2009. The company also backed its forecast for the year 2009, and reveled its five year capital investment plan that is supposed to increase its consolidated rate base.
For the year 2010, the company now expect to record earnings in the range of $2.52 per share to $2.62 per share. On average, five analysts polled by Thomson Reuters see earnings of $2.70 per share for the year. Analysts' estimate typically excludes special items.
For the year 2009, the company reaffirmed its previous earnings forecast that ranges from $2.32 per share to $2.42 per share, while analysts anticipate earnings of $2.37 for the year.
The company expects capital expenditures, for ITC Transmission in the range of $50 million -$60 million, METC to range from $140 million-$155 million and ITC Midwest to be in the range of $205 million - $225 million. Capital expenditures for ITC Great Plains are now forecast to range from of $10 million to $20 million.
Excluding an impact of about the $0.11 per share on earnings for the year 2009 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 forecast represents an increase of approximately 14% compared to the midpoint of the adjusted 2009 guidance range.
Further, ITC revealed a new five year capital expenditure plan of approximately $3 billion with plans to invest nearly $2.3 billion in its base businesses, including expected transmission investments associated with generator interconnections, and approximately $700 million in its development projects in the period between 2010 to 2014.
The company expects its five year capital investment plan to increase its consolidated rate base from approximately $2.1 billion as of the end of 2008 to approximately $4.5 billion at the end of 2014 that would in turn result in compound annual growth in earnings per share in the range of 13% to 15% over the period.
ITC closed Wednesday's trading at $45.45, down $0.90 or 1.94%, on a volume of 1.032 million shares on the NYSE. In after hours, the stock shed $0.34 or 0.75%, to trade at $45.11.
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