NOVI – ITC Holdings Corp. reported 2012 net income of $187.9 million, or $3.60 a share, up from $171.7 million, or $3.31 per diluted common share for the same period last year.
For the fourth quarter ended Dec. 31, net income reported was $48.3 million, or $0.92 per diluted common share, compared to $42.7 million or $0.82 per diluted common share for the fourth quarter of 2011.
ITC invested $819.8 million in capital projects at its operating companies during the year-ended December 31, 2012, including $231.2 million, $149.0 million, $343.3 million and $96.3 million at ITCTransmission, METC, ITC Midwest and ITC Great Plains, respectively.
“These results are the culmination of our overarching strategy of investing in our core systems to achieve operational excellence and building on our leadership position to develop a 21st century transmission system, all while maintaining our status as an independent transmission company,? said Joseph L. Welch, chairman, president and CEO of ITC. ?As we look further into 2013, we remain focused on completing our transaction with Entergy, which supports our strategy and represents a natural extension of our independent business model into the Mid-South region, while also building on our stand-alone plans.”
