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ITC Holdings Reports Increased Fourth Quarter and Year-End 2012 Results

NOVI, Mich., Feb. 27, 2013 /PRNewswire/ --

Highlights

  • Full-year 2012 operating earnings of $4.14 per diluted common share; full-year 2012 reported earnings of $3.60 per diluted common share
  • Fourth quarter 2012 operating earnings of $1.09 per diluted common share; fourth quarter 2012 reported earnings of $0.92 per diluted common share
  • Full-year 2012 capital investments of $819.8 million
  • Reaffirmed 2013 operating earnings per share guidance of $4.80 to $5.00 per diluted share and capital expenditure guidance of $760 to $860 million

(in thousands, except per share data)

Three months ended  

December 31,


Twelve months ended

December 31,


2012


2011


2012


2011

OPERATING REVENUES

$221,646


$201,610


$830,535


$757,397









REPORTED NET INCOME

$48,256


$42,663


$187,876


$171,685









OPERATING EARNINGS

$56,913


$44,863


$216,296


$174,048









REPORTED DILUTED EPS

$0.92


$0.82


$3.60


$3.31









OPERATING DILUTED EPS

$1.09


$0.86


$4.14


$3.35

ITC Holdings Corp. (NYSE: ITC) today announced its results for the fourth quarter and year-ended December 31, 2012.  Reported net income for the quarter, measured in accordance with Generally Accepted Accounting Principles (GAAP), 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.  For the year ended December 31, 2012, reported net income was $187.9 million, or $3.60 per diluted common share, compared to $171.7 million, or $3.31 per diluted common share for the same period last year.

Operating earnings for the fourth quarter were $56.9 million, or $1.09 per diluted common share, compared to operating earnings of $44.9 million, or $0.86 per diluted common share for the fourth quarter of 2011. For the year ended December 31, 2012, operating earnings were $216.3 million, or $4.14 per diluted common share, compared to operating earnings of $174.0 million, or $3.35 per diluted common share for the same period last year.  Operating earnings are non-GAAP measures that exclude the impact of after-tax expenses for the following items:

  • After-tax expenses associated with the Entergy Corporation (Entergy) transaction of  approximately $8.6 million or $0.17 per diluted common share and $20.1 million or $0.38 per diluted common share for the fourth quarter and year ended December 31, 2012, respectively, and approximately $7.0 million, or $0.13 per share for both the fourth quarter and year ended December 31, 2011. 
  • After-tax expenses associated with the estimated refund liability recorded for certain acquisition accounting adjustments for ITC Midwest, ITCTransmission and METC resulting from the FERC audit order on ITC Midwest issued in May 2012 of approximately $8.3 million or $0.16 per diluted common share for the year ended December 31, 2012.
  • An after-tax gain associated with the adoption of the Michigan Corporate Income Tax (CIT) of approximately $4.6 million or $0.09 per share for both the fourth quarter and year ended December 31, 2011.

Operating earnings for the fourth quarter and year ended December 31, 2012 increased by $12.0 million, or $0.23 per diluted common share, and $42.2 million, or $0.79 per diluted common share, respectively, compared to the same periods last year.  The increases in both periods were largely attributable to higher income associated with increased rate base and AFUDC at our operating companies. For the year-ended December 31, 2012, this increase was partially offset by lower revenues associated with the final amortization of the ITCTransmission rate freeze revenue deferral which expired in May 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.

"As ITC marks its 10th anniversary, we are pleased to report another year of strong performance and continued success in delivering on the commitments we have made to our customers and shareholders", said Joseph L. Welch, chairman, president and CEO of ITC.  "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.  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."

EPS and Capital Expenditure Guidance
For 2013, ITC is reaffirming its full year operating earnings per share guidance of $4.80 to $5.00, excluding any impact of the Entergy transaction announced on December 5, 2011.  ITC is also reaffirming its 2013 capital guidance of $760 to $860 million, which includes $200 to $230 million, $160 to $180 million, $270 to $300 million and $130 to $150 million for ITCTransmission, METC, ITC Midwest and ITC Great Plains, respectively.

Fourth Quarter 2012 Operating Earnings Financial Results Detail
ITC's operating revenues for the fourth quarter of 2012 increased to $221.6 million compared to $201.6 million for the fourth quarter of 2011.  This increase was primarily due to higher revenue requirements attributable to higher rate base at our regulated operating subsidiaries and higher recoverable operating expenses, as well as an increase in regional cost sharing revenues due to additional capital projects being placed in-service that have been identified by the Midwest ISO (MISO) as eligible for regional cost sharing. 

Operation and maintenance (O&M) expenses of $31.6 million decreased by $5.2 million compared to the same period in 2011. This decrease was due to lower vegetation management expenses and a decrease in activities associated with surveying transmission overhead lines.

General and administrative (G&A) expenses of $24.2 million were $4.8 million higher compared to the same period in 2011.  Amounts reported for the fourth quarter 2012 and 2011 exclude $9.1 million and $8.4 million, respectively, of pre-tax expenses related to the Entergy transaction.  This increase was primarily due to higher compensation-related expenses and an increase in other professional services.

Depreciation and amortization expenses of $28.1 million increased by $3.4 million compared to the same period in 2011 due to a higher depreciable base resulting from property, plant and equipment additions.

Taxes other than income taxes of $15.5 million were $1.7 million higher than the same period in 2011. This increase was due to 2011 capital additions at our regulated operating subsidiaries, which are included in the tax base for 2012 personal property taxes.

Interest expense of $38.8 million increased by $1.9 million compared to the same period in 2011 due primarily to higher borrowing levels to finance capital investments.

The effective income tax rate for the fourth quarter of 2012 was 36.3 percent compared to 39.9 percent for the same period last year.  Amounts reported for the fourth quarter of 2012 exclude approximately $0.5 million of income taxes associated with the Entergy transaction.  Amounts reported for the fourth quarter of 2011 exclude the impacts of a one-time reduction to the income tax provision of $4.6 million associated with the adoption of the CIT and income taxes of approximately $1.6 million associated with the Entergy transaction.

Year-End 2012 Operating Earnings Financial Results Detail
ITC's operating revenues for the year ended December 31, 2012 increased to $841.5 million, excluding approximately $11.0 million in reduction to revenues associated with the ITC Midwest FERC audit related refunds recorded for ITCTransmission, METC and ITC Midwest, compared to $757.4 million from the same period last year. This increase was primarily due to higher revenue requirements attributable to higher rate base at our regulated operating subsidiaries and higher recoverable operating expenses, as well as an increase in regional cost sharing revenues due to additional capital projects being placed in-service that have been identified by MISO as eligible for regional cost sharing.  Partially offsetting these increases was the impact of the elimination of the amortization of the ITCTransmission rate freeze revenue deferral in May 2011.

O&M expenses of $121.9 million were $7.3 million lower for the year ended December 31, 2012 compared to the same period in 2011. This decrease was due to increased cost efficiencies associated primarily with substation, breaker and relay maintenance activities, partially offset by higher vegetation management expenses, a decrease in activities associated with surveying transmission overhead lines and lower operating and training expenses.

G&A expenses of $85.7 million were $11.5 million higher compared to the same period in 2011. Amounts report for the year-ended December 31, 2012 and December 31, 2011 exclude approximately $26.4 million and $8.6 million of pre-tax expenses associated with the Entergy transaction, respectively.  The increase for the period was due to higher compensation-related expenses, higher general business expenses associated with increased information technology support and higher other professional services. The increase was also attributable to the recognition of the Kansas V-Plan Project regulatory asset which reduced expenses in 2011 and did not reoccur in 2012.

Depreciation and amortization expenses of $106.5 million increased by $11.5 million for the year-ended December 31, 2012 compared to the same period in 2011. This increase was primarily due to a higher depreciable base resulting from property, plant and equipment additions.

Taxes other than income taxes of $59.7 million were $6.3 million higher compared to the same period in 2011. This increase was due to 2011 capital additions at our regulated operating subsidiaries, which are included in the tax base for 2012 personal property taxes.

Interest expense of $154.4 million, which excludes the impact of $1.3 million of interest on the ITC Midwest FERC audit related refund recorded at ITCTransmission, METC and ITC Midwest, increased $7.5 million compared to the same period in 2011 due primarily to higher borrowing levels to finance capital investments.

The effective income tax rate for the year ended December 31, 2012 was 35.7 percent compared to 36.7 percent for the same period in 2011. Amounts reported for the year ended December 31, 2012 exclude income taxes of $6.5 million associated with the Entergy transaction and income taxes of $4.8 million associated with the ITC Midwest FERC audit related refund recorded at ITCTransmission, METC and ITC Midwest.  Amounts reported for the year ended December 31, 2011 exclude the impacts of a one-time reduction to the income tax provision of $4.6 million associated with the adoption of the CIT and income taxes of approximately $1.6 million associated with the Entergy transaction.

Fourth Quarter and Year-End Conference Call and Webcast    
ITC will conduct a webcast and conference call at 11 a.m. Eastern on Thursday, February 28, 2013.  Joseph L. Welch, chairman, president and CEO, will provide a business overview, and Cameron M. Bready, executive vice president and CFO, will discuss the financial results. Individuals wishing to participate in the conference call may dial toll-free 877-644-1296 (domestic) or 914-495-8555 (international); there is no passcode.  A listen-only live webcast of the conference call, including accompanying slides and the earnings release, will be available on the company's investor information page.  The conference call replay, available through Tuesday, March 5, 2013, can be accessed by dialing 855-859-2056 (toll free) or 404-537-3406, passcode 93804905. The webcast will be archived on the ITC website.

Other Available Information
More detail about the year-end 2012 results may be found in ITC's Form 10-K filing. Once filed with the Securities and Exchange Commission, an electronic copy of our 10-K can be found at our website, http://investor.itc-holdings.com. Written copies can also be made available by contacting us through our website.

About ITC Holdings Corp.
ITC Holdings Corp. (NYSE: ITC) is the nation's largest independent electric transmission company. Based in Novi, Michigan, 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's regulated operating subsidiaries include ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains. Through these subsidiaries, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along 15,000 circuit miles of transmission line. Through ITC Grid Development and its subsidiaries, the company also focuses on expansion in areas where significant transmission system improvements are needed. For more information, please visit ITC's website at www.itc-holdings.com. (itc-ITC)

GAAP v. Non-GAAP Measures
ITC's reported earnings are prepared in accordance with GAAP and represent earnings as reported to the Securities and Exchange Commission.  ITC's management believes the company's operating earnings, or GAAP earnings adjusted for specific items as described in the release, provide a more meaningful representation of the company's fundamental earnings power.  However, such measures should not be considered in isolation or as substitutes for results prepared in accordance with GAAP.

Safe Harbor Statement
This press release contains certain statements that describe our management's beliefs concerning future business conditions, plans and prospects, growth opportunities and the outlook for our business and the electricity transmission industry based upon information currently available. Such statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Wherever possible, we have identified these forward-looking statements by words such as "will," "may," "anticipates," "believes," "intends," "estimates," "expects," "projects" and similar phrases. These forward-looking statements are based upon assumptions our management believes are reasonable.  Such forward looking statements are subject to risks and uncertainties which could cause our actual results, performance and achievements to differ materially from those expressed in, or implied by, these statements, including, among others, the risks and uncertainties disclosed in our Form 10-K filed with the Securities and Exchange Commission.

Because our forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different and any or all of our forward-looking statements may turn out to be wrong.  Forward-looking statements speak only as of the date made and can be affected by assumptions we might make or by known or unknown risks and uncertainties. Many factors mentioned in our discussion in this release and in our annual and quarterly reports will be important in determining future results. Consequently, we cannot assure you that our expectations or forecasts expressed in such forward-looking statements will be achieved. Except as required by law, we undertake no obligation to publicly update any of our forward-looking or other statements, whether as a result of new information, future events, or otherwise.

 

ITC HOLDINGS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS


Three months ended


Twelve months ended


December 31,


December 31,

(in thousands, except per share data)

2012


2011


2012


2011

OPERATING REVENUES

$

221,646



$

201,610



$

830,535



$

757,397


OPERATING EXPENSES








Operation and maintenance

31,627



36,802



121,941



129,288


General and administrative

33,300



27,875



112,091



82,790


Depreciation and amortization

28,059



24,643



106,512



94,981


Taxes other than income taxes

15,515



13,810



59,701



53,430


Other operating (income) and expense — net

(183)



(233)



(769)



(844)


Total operating expenses

108,318



102,897



399,476



359,645


OPERATING INCOME

113,328



98,713



431,059



397,752


OTHER EXPENSES (INCOME)








Interest expense

38,816



36,927



155,734



146,936


Allowance for equity funds used during construction

(7,200)



(4,621)



(23,000)



(16,699)


Other income

15



(692)



(2,401)



(2,881)


Other expense

1,500



853



4,218



3,962


Total other expenses (income)

33,131



32,467



134,551



131,318


INCOME BEFORE INCOME TAXES

80,197



66,246



296,508



266,434


INCOME TAX PROVISION

31,941



23,583



108,632



94,749


NET INCOME

$

48,256



$

42,663



$

187,876



$

171,685


Basic earnings per common share

$

0.93



$

0.83



$

3.65



$

3.36


Reported diluted earnings per common share

$

0.92



$

0.82



$

3.60



$

3.31


Operating diluted earnings per common share 

$

1.09



$

0.86



$

4.14



$

3.35


Dividends declared per common share

$

0.378



$

0.353



$

1.460



$

1.375



















RECONCILIATION OF REPORTED NET INCOME (GAAP) TO OPERATING EARNINGS (NON-GAAP MEASURE)


Three months ended


Twelve months ended


December 31,


December 31,


2012


2011


2012


2011

Reported net income

$

48,256



$

42,663



$

187,876



$

171,685


Pre-tax Entergy transaction related expenses


9,100




8,416




26,555




8,616


Pre-tax liability for audit related refund


102




-




13,150




-


One-time CIT adjustment


-




(4,652)




-




(4,652)


Income taxes on adjustments


(545)




(1,564)




(11,285)




(1,601)


Operating earnings

$

56,913



$

44,863



$

216,296



$

174,048


RECONCILIATION OF REPORTED DILUTED EPS (GAAP) TO OPERATING DILUTED EPS (NON-GAAP MEASURE)


Three months ended


Twelve months ended


December 31,


December 31,


2012


2011


2012


2011

Reported diluted EPS

$

0.92



$

0.82



$

3.60



$

3.31


Pre-tax Entergy transaction related expenses 


0.17




0.16




0.51




0.16


Pre-tax liability for audit related refund


-




-




0.25




-


One-time CIT adjustment


-




(0.09)




-




(0.09)


Income taxes on adjustments


-




(0.03)




(0.22)




(0.03)


Operating diluted EPS

$

1.09



$

0.86



$

4.14



$

3.35


 

ITC HOLDINGS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION



December 31,


December 31,


(in thousands, except share data)


2012


2011


ASSETS






Current assets






Cash and cash equivalents


$            26,187


$          58,344


Accounts receivable


72,192


76,895


Inventory


37,357


34,855


Deferred income taxes


23,014


20,636


Regulatory assets — revenue accruals, including accrued interest


7,489


6,639


Prepaid assets


29,235


4,129


Other


2,752


30


Total current assets


198,226


201,528


Property, plant and equipment (net of accumulated depreciation and amortization of $1,269,810 and $1,193,164, respectively)


4,134,579


3,415,823


Other assets






Goodwill


950,163


950,163


Intangible assets ( net of accumulated amortization of $18,397 and $15,276, respectively)


48,492


46,885


Other regulatory assets


180,378


161,987


Deferred financing fees (net of accumulated amortization of $17,838 and $14,594,   respectively)


19,293


20,989


Other


33,678


25,991


Total other assets


1,232,004


1,206,015


TOTAL ASSETS


$       5,564,809


$      4,823,366


LIABILITIES AND STOCKHOLDERS' EQUITY






Current liabilities






Accounts payable


$          123,022


$         136,934


Accrued payroll


20,740


18,013


Accrued interest


44,708


43,642


Accrued taxes


28,117


25,627


Regulatory liabilities — revenue deferrals, including accrued interest


53,763


46,579


Refundable deposits from generators for transmission network upgrades


40,745


38,805


Debt maturing within one year


651,929


-


Other


40,287


5,867


Total current liabilities


1,003,311


315,467


Accrued pension and postretirement liabilities


53,243


44,923


Deferred income taxes


460,072


373,268


Regulatory liabilities — revenue deferrals, including accrued interest


28,613


50,917


Regulatory liabilities — accrued asset removal costs


75,477


83,934


Refundable deposits from generators for transmission network upgrades


7,623


14,570


Other


26,317


36,373


Long-term debt


2,495,298


2,645,022


STOCKHOLDERS' EQUITY






Common stock, without par value, 100,000,000 shares authorized, 52,248,514 and 51,323,368  shares issued and outstanding at December 31, 2012 and 2011, respectively


989,334


943,444


Retained earnings


443,569


330,816


Accumulated other comprehensive loss


(18,048)


(15,368)


Total stockholders' equity


1,414,855


1,258,892


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$       5,564,809


$      4,823,366









ITC HOLDINGS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS


Twelve months ended



December 31,


(in thousands)

2012


2011


CASH FLOWS FROM OPERATING ACTIVITIES





Net income

$

187,876



$

171,685


Adjustments to reconcile net income to net cash provided by operating activities:





Depreciation and amortization expense

106,512



94,981



Recognition, refund and collection of revenue accruals and deferrals — including accrued interest

(13,052)



56,944



Deferred income tax expense

67,285



30,797



Allowance for equity funds used during construction

(23,000)



(16,699)



Other – net

13,772



13,361



Changes in assets and liabilities, exclusive of changes shown separately:





Accounts receivable

1,721



2,434



Inventory

(2,502)



7,431



Prepaid and other current assets

(25,102)



1,134



Accounts payable

(5,400)



12,573



Accrued payroll

1,583



(1,096)



Accrued interest

1,066



917



Accrued taxes

24,247



34,279



Tax benefit for excess tax deductions of share-based compensation

(23,022)



(28,114)



Other current liabilities

2,912



(246)



Other non-current assets and liabilities, net

12,627



535



Net cash provided by operating activities

327,523



380,916



CASH FLOWS FROM INVESTING ACTIVITIES





Expenditures for property, plant and equipment

(802,763)



(556,931)



Proceeds from sale of securities

5,935



3,839



Purchases of securities

(11,779)



(8,136)



Other

(454)



1,033



Net cash used in investing activities

(809,061)



(560,195)



CASH FLOWS FROM FINANCING ACTIVITIES





Issuance of long-term debt

175,000



-



Borrowings under revolving credit agreements

1,355,150



1,065,215



Borrowings under term loan credit agreement

200,000



-



Repayments of revolving credit agreements

(1,228,410)



(917,555)



Issuance of common stock

14,189



18,993



Dividends on common stock

(75,153)



(70,363)



Refundable deposits from generators for transmission network upgrades

33,310



35,768



Repayment of refundable deposits from generators for transmission network upgrades

(38,253)



(6,976)



Tax benefit for excess tax deductions of share-based compensation

23,022



28,114



Other

(9,474)



(10,682)



Net cash provided by financing activities

449,381



142,514



NET DECREASE IN CASH AND CASH EQUIVALENTS

(32,157)



(36,765)



CASH AND CASH EQUIVALENTS — Beginning of period

58,344



95,109



CASH AND CASH EQUIVALENTS — End of period

$           26,187



$           58,344












 

 

SOURCE ITC Holdings Corp.

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As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, will lead you through the exciting evolution of the cloud. He'll look at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering ...
As hybrid cloud becomes the de-facto standard mode of operation for most enterprises, new challenges arise on how to efficiently and economically share data across environments. In his session at 21st Cloud Expo, Dr. Allon Cohen, VP of Product at Elastifile, will explore new techniques and best practices that help enterprise IT benefit from the advantages of hybrid cloud environments by enabling data availability for both legacy enterprise and cloud-native mission critical applications. By rev...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp emp...