NOVI ? ITC Holdings Corp. reported net income increased 25 percent for the third quarter ended Sept. 30 on a 13 percent uptick in revenue.
Net income for the third quarter was $73.9 million, or $0.47 per diluted common share, compared to $59.0 million or $0.37 per diluted common share for the third quarter of 2013.
ITC’s operating revenues for the third quarter of 2014 increased to $270.1 million compared to $238.8 million for the third quarter of 2013.
This increase was primarily due to higher revenue requirements attributable to higher rate base at our regulated operating subsidiaries, as well as an increase in regional cost sharing revenues resulting from additional capital projects being placed in-service that have been identified by the Midcontinent ISO as eligible for regional cost sharing.
ITC invested $598.9 million in capital projects at its operating companies during the nine-month period ended September 30, 2014, including $190.9 million at ITC Transmission, $94.3 million at METC, $195.2 million at ITC Midwest and $118.5 million at ITC Great Plains.
“Our strong performance in the third quarter sets the stage for us to deliver on another solid year,” said Joseph L. Welch, chairman, president and CEO of ITC. “We are very pleased with the progress we have made this year around our investments in critical transmission infrastructure for the benefit of customers while also advancing our strategic initiatives. Our focus remains on executing in the near-term while also positioning the company for success longer-term for the benefit of all of our constituents.”
