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Despite Aborted Acquisition, ITC Profits Rise

NOVI (WWJ) -- ITC Holdings, the nation's largest publicly traded owner of the power grid, reported sharply higher revenue and net income for the fourth quarter and year ended Dec. 31.

The company reported revenue of $255.4 million for the quarter, up from $221.6 million a year earlier. For the year, revenue was $941.3 million, up from $830.5 million a year earlier.

Net income was $76.9 million or $1.45 a share for the quarter, up from $48.3 million or 92 cents a share a year earlier. For the year, net income was $233.5 million or $4.42 a share, up from $187.9 million or $3.60 a share a year earlier.

The company reported a one-time gain of $7.1 million in the fourth quarter for the impacts of its abandoned acquisition of the transmission lines of the New Orleans utility holding company Entergy.

ITC invested $844.5 million in capital projects at its operating companies during the year, including $220 million at ITCTransmission, $176.9 million at Michigan Electric Transmission Co., $301.9 million at ITC Midwest and $145.7 million at ITC Great Plains.

"Despite the challenges that ITC faced during 2013, we delivered on all of our key operational and financial objectives for the year, which is a testament to the strength of our organization," said Joseph L. Welch, chairman, president and CEO of ITC. "Although the outcome of the Entergy transaction was not what we hoped for when we chose to pursue it, we have emerged from this endeavor a stronger company. We are entering 2014 with clarity and an enhanced focus on our strategy to invest in transmission infrastructure for the benefit of customers while delivering growth and returns to our shareholders and providing strong leadership in an evolving industry."

For 2014, ITC is reaffirming its full year operating earnings per share guidance of $5.50 to $5.70 per share on a pre-stock split basis ($1.83 to $1.90 on a split adjusted basis). ITC is also reaffirming its 2014 capital guidance of $730 to $840 million, which includes $250 to $285 million for ITCTransmission, $130 to $150 million for METC, $255 to $290 million for ITC Midwest and $95 to $115 million for ITC Great Plains.

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