ITC Holdings Q4 Profit Declines; Reaffirms FY15 Operating EPS Outlook

(RTTNews) - Michigan-based electricity distributor ITC Holdings Corp. (ITC) Thursday posted fourth-quarter net income of $46.7 million or $0.30 per share, down from $76.9 million or $0.48 per share in the year earlier period.

Excluding certain items, operating earnings were $75.91 million or $0.48 per share, compared with $69.96 million or $0.44 per share a year ago. On average, eight analysts polled by Thomson-Reuters estimated the company's earnings to be $0.50 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues declined to $231.10 million, from $255.37 million last year, while Wall Street expected revenues of $281.86 million.

For 2015, ITC is reaffirming its full year operating earnings per share guidance of $2.00 to $2.15. Analysts now expect earnings of $2.09 per share.