ITC Q2 Profit Rises, Tops Estimates; Reaffirms Annual Outlook - Quick Facts

(RTTNews) - Michigan-based electricity distributor ITC Holdings Corp. (ITC) Wednesday reported second-quarter earnings which increased, helped by higher rates, increased regional cost-sharing revenues and lower operating expenses, hurt by a charge on extinguishing debt. In addition, earnings beat analysts' estimates by a penny, while revenues fell short.

For the three months to June, net earnings increased to $54.34 million or $0.34 per share, from $47.39 million or $0.30 per share a year earlier.

Excluding certain items, earnings totaled $72.69 million or $0.46 per share, compared with $63.34 million or $0.40 per share a year ago.

On average, seven analysts polled by Thomson-Reuters estimated the company's earnings to be $0.45 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues increased to $263.21 million, from $229.82 million last year, but were shy of the $265.01 million Wall Street expected.

For the full year, the company reaffirmed its guidance for adjusted earnings of $1.83 to $1.90 per share and capital expenditure of $730 to $840 million.