NOVI — ITC Holdings Corp., the Novi-based owner and manager of a signficant chunk of the nation’s electric grid, reported revenue of $214.8 million in the quarter ended Sept. 30, up from $191.3 million a year earlier. For the nine months, revenue was $608.9 million, up from $555.8 million a year earlier.
Net income was $51.2 million or 98 cents a share, up from $44 million or 85 cents a share a year earlier, in the quarter. For the nine months, net income was $139.6 million or $2.68 a share, up from $129 million or $2.49 a share a year earlier.
ITC invested $626.2 million in capital projects at its operating companies during the first nine months of 2012, including $173.6 million, $113.6 million, $266.1 million and $72.9 million at ITCTransmission, METC, ITC Midwest and ITC Great Plains, respectively.
“We continued to make great strides against both our stand-alone strategic objectives and the Entergy transaction during the third quarter,” said Joseph L. Welch, chairman, president and CEO of ITC. “Our strong operational and financial performance reinforces our unwavering commitment to execution of our stand-alone plans, which benefit all of our constituents. In addition, while delivering these results, we also made significant progress during the quarter on advancing the Entergy transaction to a successful close, further demonstrating our ability to effectively balance both of these priorities.”
For 2012, ITC is raising its full year operating earnings per share guidance to a range of $4.10 to $4.15, from the previous range of $3.95 to $4.05. Capital investment guidance for 2012 has been updated to a range of $780 to $825 million, from the prior range of $750 to $820 million. The updated guidance range includes capital forecasts at our regulated operating subsidiaries of $210 to $220 million, $150 to $160 million, $320 to $335 million and $100 to $110 million for ITCTransmission, METC, ITC Midwest and ITC Great Plains, respectively.
To listen to a replay of a conference call discussing the results, call (855) 859-2056 in the United States or (404) 537-3406 elsewhere, using the pass code 38090652. The webcast will also be archived on the ITC Web site, www.itc-holdings.com.