ITC Holdings Q4 Earnings Rise, Top Estimates; Backs FY14 View

(RTTNews) - ITC Holdings Corp. (ITC), a company involved in transmission of electricity in the U.S., Thursday reported a rise in earnings for the fourth quarter, benefiting from a growth in revenues. Adjusted earnings beat analysts' estimates by two cents.

Further, ITC confirmed its full-year operating earnings per share outlook of $5.50 to $5.70 on a pre-stock split basis ($1.83 to $1.90 on a split adjusted basis) and its capital expenditure guidance of $730 million to $840 million.

For the fourth quarter, earnings rose to $76.94 million or $1.45 per share, from $48.26 million or $0.92 per share a year earlier.

Adjusted earnings rose to $69.96 million or $1.32 per share, from $56.99 million or $1.09 per share in the corresponding period last year.

On average, 8 analysts polled by Thomson-Reuters estimated the company's earnings to be $1.30 for the quarter. Analysts' estimates typically exclude one-time items.

Earnings per share and adjusted earnings per share amounts do not reflect the impact of the three-for-one stock split, which will be effective on February 28.

For the three months to December, operating revenues increased to $255.37 million from $221.65 million a year earlier.

For the full-year 2013, earnings advanced to $233.51 million or $4.42 per share, from $187.88 million or $3.60 per share in 2012. Yearly operating revenues rose to $941.27 million from $830.53 million last year.