ITC Holdings Corp. (ITC ) today announced an updated outlook for both 2009 and 2010, largely driven by its continued success in implementing its business plan and the favorable recent debt financings for ITC Holdings and ITC Midwest. For 2009, ITC now expects diluted earnings per share in the range of $2.55 to $2.60. The 2009 guidance includes $0.11 associated with the recognition of regulatory assets at ITC Great Plains as previously disclosed.
The increase from the prior guidance of $2.47 to $2.52 is primarily due to the expectation that capital expenditures will be at the high end of the existing guidance range of $320 million to $345 million and lower non-recoverable expenses.
For 2010, management now expects diluted earnings per share in the range of $2.60 to $2.70. The increase from prior guidance of $2.52 to $2.62 is primarily driven by the impact of lower than forecasted interest expense resulting from the favorable ITC Holdings financing.
2010 capital expenditure guidance of $405 million to $460 million is reaffirmed.
"We are very pleased with the successful execution of our debt financings for both ITC Holdings and ITC Midwest," said Joseph L. Welch, chairman, president and CEO of ITC. "These offerings further support our confidence in our ability to effectively capitalize the investments in our transmission systems detailed in our five year plan. For ITC Holdings in particular, not only does the recent financing eliminate the near term interest rate risk associated with necessary financings in 2010 and 2011, it also essentially satisfies our holding company financing needs through 2012."
About ITC Holdings Corp.
ITC Holdings Corp. (ITC ) invests in the electricity transmission grid to improve electric reliability, improve access to markets, and lower the overall cost of delivered energy. ITC is the largest independent electricity transmission company in the country. Through its subsidiaries, ITCTransmission, Michigan Electric Transmission Company, LLC (METC) and ITC Midwest LLC, ITC operates regulated, high-voltage transmission systems in Michigan’s Lower Peninsula and portions of Iowa, Minnesota, Illinois and Missouri serving a combined peak load in excess of 25,000 megawatts. ITC is also focused on new areas where significant transmission system improvements are needed through subsidiaries ITC Grid Development, ITC Great Plains and ITC Panhandle Transmission. For more information, please visit: http://www.itc-holdings.com . (itc-ITC)
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