Novi-based ITC Holdings Corp. (NYSE: ITC) Wednesday evening announced net income of $42 million or 81 cents a share in the first quarter March 31, up from net income of $34.2 million or 67 cents a share in the same quarter of 2010. Revenue was $179.4 million, up from $161.3 million a year earlier.
Said Joseph L. Welch, ITC chairman, president and CEO: “During the first quarter of 2011, we made solid progress in advancing our capital investment program that is expected to deliver value to both our customers and shareholders. In addition, we remain encouraged by the continued positive momentum around the regulatory and policy reforms critical to supporting regional transmission expansion, which further underscores our confidence in our long-term capital investment plans.”
For 2011, ITC is reaffirming its full year earnings per share guidance of $3.20 to $3.30. Capital investment guidance for 2011 is also being maintained at $560 to $640 million, which includes $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 to a conference call discussing the results, scheduled for 11 a.m. Thursday, April 28, call (877) 644-1296 in the United States or (914) 495-8555 elsewhere; there is no pass code. A listen-only live Webcast of the conference call, including accompanying slides and the earnings release, will be available on the company’s investor information page at http://investor.itc-holdings.com/events.cfm. The conference call replay, available through Tuesday, May 3, can be accessed by dialing (800) 642-1687 (U.S.) or 706-645-9291 (international), passcode 58450121. The webcast will also be archived on the ITC website at http://investor.itc-holdings.com/events.cfm.
More detail about the 2011 first quarter results may be found in ITC’s Form 10-Q filing. Once filed with the Securities and Exchange Commission, an electronic copy of the 10-Q can be found at http://investor.itc-holdings.com.
The largest independent electricity transmission company in the country, ITC currently operates high-voltage transmission systems and assets 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 further expansion in areas where significant transmission system improvements are needed through ITC Grid Development and its subsidiaries.