NOVI — The Novi-based power grid operator ITC Holdings Corp. (NYSE: ITC) reported higher revenue and net income for the fourth quarter and year ended Dec. 31.
For the quarter, revenue was $201.6 million, up from $189.1 million a year earlier. For the 12 months, revenue was $757.4 million, up from $696.8 million a year earlier.
For the quarter, net income was $42.7 millionor 82 cents a share, up from $36.8 million or 71 cents a share a year earlier. For the 12 months, net income was $171.7 million or $3.31 a share, up from $145.7 million or $2.84 a share a year earlier.
For the year, the company reported total capital improvements of $632.9 million.
For 2012, ITC announced expected operating earnings of $3.90 to $4.05 a share, and planned capital spending of $730 million to $830 million.
The company said the adoption of the Michigan Corporate Income Tax to replace the Michigan Business tax helped its earnings $4.6 million or 9 cents a share.
“For ITC, 2011 proved to be a year of significant accomplishments and milestones,” said Joseph L. Welch, chairman, president and CEO of ITC. “We completed the largest annual capital investment plan undertaken by the company, including significant investment in our development projects, continued our strong track record of operational excellence, reported solid financial results and announced a transformational transaction with Entergy Corporation. As we turn to 2012, we remain focused on continuing to implement our strategic plan, while simultaneously advancing our transaction with Entergy towards closing. I believe we are well positioned to execute on both of these initiatives.”
To listen to a replay of a conference call discussing these results, call (855) 859-2056 in the United States or (404) 537-3406 elsewhere, using the passcode 46891456. The call will also be archived on the ITC Web site, www.itc-holdings.com.