ITC Holdings Corp. (ITC) Releases Earnings Results, Beats Expectations By $0.03 EPS

ITC Holdings Corp. (ITC) reported quarterly earnings results on Thursday, Apr-28-2016. The company said it had a profit of $0.55 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.03. Analysts had a consensus of $0.52. The company posted revenue of $280.13 million in the period, compared to analysts expectations of $299.21 million. The company’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.47 EPS.

Many Wall Street Analysts have commented on ITC Holdings Corp.. Deutsche Bank Downgraded ITC Holdings Corp. on Mar 15, 2016 to ” Hold”, Price Target of the shares are set at $43.ITC Holdings Corp. was Downgraded by Gabelli & Co to ” Hold” on Feb 26, 2016. ITC Holdings Corp. was Downgraded by Wells Fargo to ” Market Perform” on Feb 10, 2016.

ITC Holdings Corp. opened for trading at $42.95 and hit $43.6 on the upside on Wednesday, eventually ending the session at $43.6, with a gain of 0.69% or 0.3 points. The heightened volatility saw the trading volume jump to 12,32,554 shares. Company has a market cap of $6,658 M.

In a different news, on Mar 2, 2016, Albert Ernst (director) purchased 121 shares at $40.67 per share price. According to the SEC, on Jul 2, 2015, Jon E Jipping (EVP & Chief Operating Officer) sold 47,525 shares at $32.09 per share price.

ITC Holdings Corp. is an independent electricity transmission company in the United States. The Company operates maintains and invests in transmission infrastructure. The Company’s customers include investor-owned utilities municipalities cooperatives power marketers and alternative energy suppliers. Its regional infrastructure includes four North Central Multi-Value Projects (MVPs) and the Thumb Loop Project. The Company’s subsidiaries operations include asset planning; engineering design and construction; maintenance and real time operations. The Asset Planning group uses system models and load forecasts to develop its system expansion capital plans. The Engineering Design and Construction group is engaged in the design equipment specifications maintenance plans and project engineering for capital operation and maintenance work. The Company develops and tracks preventive maintenance plans. Its real time operations include system and local balancing authoring operations.

ITC Holdings Corp.

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