NOVI — ITC Holdings Corp. (NYSE: ITC), the power grid manager and operator, Thursday reported third quarter net income of $44 million or 85 cents a share, up from $38.4 million or 75 cents a share a year earlier.
Revenue was $191.3 million, up from $178 million a year earlier.
For the nine months, net income was $129 million or $2.49 a share, up from $108.9 million or $2.13 a share in the same nine months of 2010.
Revenue for the nine months was $555.8 million, up from $507.8 million in the same nine months of 201.
The company said its capital investments totaled $420.5 million for the nine months ended Sept. 30.
ITC also reaffirmed its 2011 earnings per share guidance of $3.25 to $3.35 per share and its 2011 capital expenditure guidance of $600 million.
“We are pleased with our overall performance for both the quarter and first nine months of the year,” said Joseph L. Welch, chairman, president and CEO of ITC. “As we continue to build on our core foundation of operational excellence, we are positioning the company as a premier owner, operator and developer of transmission facilities and further strengthening our ability to achieve long-term, sustainable growth as a leader in the build-out of much needed transmission infrastructure.”
Key drivers that contributed to these results include:
* An increase in net income for the quarter and the year-to-date period due to higher rate base and AFUDC at our operating companies resulting from our capital investments.
* An increase in net income for the quarter and the year-to-date period due to a lower effective tax rate.
* Partially offsetting these increases in net income for the quarter and the year-to-date period was the impact of the expiration in May 2011 of the amortization of the ITCTransmission rate freeze revenue deferral.
To listen to a conference call discussing these results, call (855) 859-2056 in the United States or (404) 537-3406 elsewhere, using the pass code 18425589. The webcast will also be archived at www.itc-holdings.com.