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ITC Holdings' Q1 earnings up YOY as rate base increases

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ITC Holdings' Q1 earnings up YOY as rate base increases

ITC HoldingsCorp.'s first-quarter 2016 operating earnings were up to $84.5million, or 55 cents per share, from $73.1 million, or 47 cents per share, inthe opening months of 2015. The result was helped by increased rate base atITC's operating companies as well as lower non-recoverable bonus paymentsassociated with the V-Planproject in the first quarter of 2016.

First-quarter 2016 operating EPS also beat the S&P GlobalMarket Intelligence normalized EPS consensus estimate of 52 cents.

ITC Holdings' first-quarter 2016 operating revenues were upto $280.1 million from $272.5 million in the same quarter of 2015, resultsreleased April 28 showed. The company reported first-quarter 2016 GAAP incomeof $64.2 million, or 42 cents per share, compared to $67.1 million, or 43 centsper share, in the first quarter of 2015.

The company has scheduled a conference call at 10 a.m. ET onApril 28 to discuss its results. It is currently in the process ofbeing acquiredby Fortis Inc.

In separate news, ITC Holdings subsidiary issued $200 million worth of notes to meet general corporate expenses. Thesenior secured notes are due 2046 and offer a coupon of 3.90%.