ITC Holdings Corp. (ITC) said for 2009, it now expects earnings per share in the range of $2.55 to $2.60, up from the prior guidance of $2.47 to $2.52. The 2009 guidance includes $0.11 associated with the recognition of regulatory assets at ITC Great Plains as previously disclosed.
The company noted that the increase from the prior guidance is primarily due to the expectation that capital expenditures will be at the high end of the existing guidance range of $320 million to $345 million and lower non-recoverable expenses.
Analysts polled by Thomson Reuters expect the company to report earnings of $2.50 per share. Analysts' estimates typically exclude special items.
For 2010, management now expects earnings per share in the range of $2.60 to $2.70, higher than the prior guidance of $2.52 to $2.62. This is primarily driven by the impact of lower than forecasted interest expense resulting from the favorable ITC Holdings financing.
Analysts expect the company to earn $2.60 per share.
In addition, 2010 capital expenditure guidance of $405 million to $460 million is reaffirmed.
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