ITC Holdings Q3 Profit Rises - Quick Facts

(RTTNews) - ITC Holdings (ITC) reported that its third-quarter net income increased to $58.98 million or $1.12 per share, from $51.18 million or $0.98 per share, last year. Operating earnings per share was $1.26 for the quarter.

On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $1.28 for the quarter. Analysts' estimates typically exclude special items. Operating revenues increased to $238.78 million, from $214.80 million, last year. Analysts expected revenue of $247.13 million for the quarter. The company said the increase was primarily due to higher revenue requirements attributable to higher rate base at regulated operating subsidiaries.

For 2013, ITC updated its full year operating earnings per share guidance to a range of $4.84 to $4.92, from the previous range of $4.80 to $5.00. Analysts expect the company to report full year earnings per share of $4.91.