ITC Holdings Corp. (NYSE:ITC) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
ITC Holdings Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 20.43% to $1.12 in the quarter versus EPS of $0.93 in the year-earlier quarter.
Revenue: Rose 10.47% to $217.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: ITC Holdings Corp. reported adjusted EPS income of $1.12 per share. By that measure, the company missed the mean analyst estimate of $1.16. It missed the average revenue estimate of $231.7 million.
Quoting Management: “Overall, we are pleased with our solid start for 2013,” said Joseph L. Welch, chairman, president and CEO of ITC. “Despite the impacts of inclement winter weather, we were able to make good progress in the quarter against our annual capital investment plans, which positions us well to meet our overall operational and financial objectives for the year. In addition, we continued to advance our Entergy transaction towards an expected successful close in 2013.”
Key Stats (on next page)…