The Novi electric grid firm ITC Holdings Corp. reported third quarter net income of $38.4 million or 75 cents a year, up from $37.8 million a year or 74 cents a share a year earlier.
For the nine months, net income was $108.9 million or $2.13 a share, up from $97.3 million or $1.92 a share a year earlier.
Revenue for the quarter was $178 million, up from $151.3 million a year earlier. For the nine months, revenue was $507.8 million, up from $464.5 million a year earlier.
Diluted earnings per share in the third quarter and year-to-date 2009 periods include 11 cents a share associated with the recognition of regulatory assets at ITC Great Plains that did not reoccur in 2010.
“ITC continues to extend its strong track record of superior operational and financial performance,” said Joseph L. Welch, chairman, president and CEO of ITC. “Our year-to-date results further demonstrate our ability to deliver on our commitments to customers and shareholders through the execution of our strategic plan. Importantly, while delivering near-term results, we are also building a solid foundation to support execution of our new five-year capital plan, which provides for significant investment in transmission infrastructure to improve energy delivery, reliability and efficiency, and allow for non-discriminatory access to all generating sources.”
As a result of ITC’s financial performance for the nine months ended September 30, 2010, ITC is today raising its 2010 earnings per share guidance to a range of $2.75 to $2.80 per share, from a previous range of $2.70 to $2.75 per share.
ITC’s 2010 capital expenditure guidance remains in the range of $420 to $460 million, including $50 to $60 million, $130 to $140 million, $220 to $235 million and $20 to $25 million for ITCTransmission, METC, ITC Midwest and ITC Great Plains, respectively.
ITC is also reaffirming its 2011 earnings per share guidance of $3.20 to $3.30 and capital expenditure guidance of $560 to $640 million. Capital expenditure guidance reflects $60 to $75 million, $155 to $170 million, $225 to $250 million and $120 to $145 million for ITCTransmission, METC, ITC Midwest and ITC Great Plains, respectively.
To listen in on a conference call discussing the results, call (800) 642-1687 in the United States or (706) 645-9291 elsewher and use the passcode 17923639. The call will also be archived at http://investor.itc-holdings.com/events.cfm.
The largest independent electricity transmission company in the country, ITC operates high-voltage transmission systems in Michigan’s Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri and Kansas, serving a combined peak load in excess of 25,000 megawatts through its regulated operating subsidiaries, ITCTransmission, Michigan Electric Transmission Co., ITC Midwest and ITC Great Plains. ITC also focuses on new areas where significant transmission system improvements are needed through ITC Grid Development and its subsidiaries.
More at www.itc-holdings.com.
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