(By Balachander) ITC Holdings Corp. (NYSE: ITC), an electric transmission company, issued its earnings forecast for 2013 that surround consensus estimates.
The Novi, Michigan-based company expects non-GAAP operating earnings between $4.80 and $5.00 per share.
Wall Street analysts, on average, expected earnings of $4.87 per share for 2013.
The earnings outlook excludes the impact of after-tax expenses associated with ITC's transaction with Entergy Corp.
The company also expects total stand-alone capital investments in the range of $760 to $860 million for the next year. The investments include $200 to $230 million, $160 to $180 million, $270 to $300 million and $130 to $150 million for operating subsidiaries ITCTransmission, METC, ITC Midwest and ITC Great Plains, respectively.
ITC invests in the electric transmission grid to improve reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems.
ITC ended Friday's regular trading session at $75.85. The stock has been trading in the 52-week range between $66.30 and $81.90.