Highlights- Initial 2010 EPS guidance range of $2.52 to $2.62 per diluted common share- Initial 2010 capital expenditure guidance range of $405 million to $460 million- 2009 EPS guidance of $2.32 to $2.42 per common share and capital expenditure guidance
Sep. 30, 2009 (PR Newswire) --
NOVI, Mich., Sept. 30 /PRNewswire-FirstCall/ -- ITC Holdings Corp. (NYSE: ITC) today announced initial earnings per share and capital expenditure guidance for 2010. For 2010, management expects diluted earnings per share in the range of $2.52 to $2.62. 2010 capital expenditures for ITCTransmission, METC and ITC Midwest are expected to be approximately $50-$60 million, $140-$155 million and $205-$225 million, respectively. In addition, ITC expects capital expenditures for ITC Great Plains in the range of $10 to $20 million.
"We are pleased to unveil our expectations for increased EPS for 2010 and our new capital investment plan that will drive future growth for our business," said Joseph L. Welch, chairman, president and CEO of ITC. "ITC's ability to invest in the transmission grids of its operating companies, as well as the success we are experiencing with our new development initiatives, is expected to continue to create long term value for our customers and for our shareholders."
Excluding the $0.11 per share impact on 2009 EPS associated with the creation of regulatory assets for start-up and development expenses for ITC Great Plains, the midpoint of the 2010 EPS guidance range represents an increase of approximately 14% compared to the midpoint of the adjusted 2009 guidance range.
Additionally, ITC unveiled a new five year capital expenditure plan of approximately $3 billion. During the years 2010 to 2014, ITC anticipates investing approximately $2.3 billion in its base businesses, including expected transmission investments associated with generator interconnections, and approximately $700 million in its development projects.
The five year capital investment plan is projected to increase ITC's consolidated rate base from approximately $2.1 billion as of the end of 2008 to approximately $4.5 billion at the end of 2014. This increase in rate base is expected to result in compound annual growth in earnings per share of approximately 13% - 15% over this period.
For more information please see the webcast of ITC's analyst day held at the New York Stock Exchange today available on our website at http://investor.itc-holdings.com/events.cfm.
About ITC Holdings Corp.
ITC Holdings Corp. (NYSE: 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.
