ITC Holdings Q3 Adj. Profit Meets View; Reiterates 2015 Outlook - Quick Facts

(RTTNews) - ITC Holdings Corp. (ITC) reported a decline in profit for the third quarter from last year as slightly higher revenues were more than offset by an increase in expenses.

However, adjusted earnings per share matched analysts' expectations, while revenues missed their estimates. Looking ahead, the company reaffirmed its earnings outlook for fiscal 2015.

The company said it remains focused on prudent value return as evidenced by the 15 percent dividend increase this quarter as well as the $115 million accelerated share repurchase program that will be completed by the end of the year.

The company reported third-quarter net income of $665.57 million or $0.42 per share, down from $73.87 million or $0.47 per share in the year-ago period.

Operating earnings per share for the quarter were $0.53, compared to $0.47 per share in the year-ago period.

On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.53 for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were $273.19 million, up from $270.13 million in the prior-year period. Analysts expected revenue of $294.37 million for the quarter.

For 2015, ITC reaffirmed its operating earnings per share guidance in a range of $2.00 to $2.15. However, the company revised its outlook for full-year capital guidance to a range of $715 million to $765 million from the prior range of $710 to $810 million. Analysts expect the company to report earnings per share of $2.07.