Last $38.73 USD
Change Today +0.30 / 0.78%
Volume 1.4M
ITC On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

itc holdings corp (ITC) Snapshot

Open
$38.51
Previous Close
$38.43
Day High
$38.74
Day Low
$38.31
52 Week High
01/23/15 - $44.00
52 Week Low
03/3/14 - $33.69
Market Cap
6.0B
Average Volume 10 Days
1.4M
EPS TTM
$1.84
Shares Outstanding
155.2M
EX-Date
02/26/15
P/E TM
21.0x
Dividend
$0.65
Dividend Yield
1.63%
Current Stock Chart for ITC HOLDINGS CORP (ITC)

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itc holdings corp (ITC) Details

ITC Holdings Corp., together with its subsidiaries, is engaged in the transmission of electricity in the United States. The company functions as conduit, allowing for power from generators to be transmitted to local distribution systems through its own systems or in conjunction with neighboring transmission systems. It 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. The company serves investor-owned utilities, municipalities, cooperatives, power marketers, and alternative energy suppliers. ITC Holdings Corp. was founded in 2001 and is headquartered in Novi, Michigan.

587 Employees
Last Reported Date: 02/26/15
Founded in 2001

itc holdings corp (ITC) Top Compensated Officers

Founder, Chairman, Chief Executive Officer an...
Total Annual Compensation: $1.7M
Chief Operating Officer and Executive Vice Pr...
Total Annual Compensation: $604.0K
Executive Vice President, Chief Business Unit...
Total Annual Compensation: $754.2K
Executive Vice President of US Regulated Grid...
Total Annual Compensation: $453.1K
Compensation as of Fiscal Year 2013.

itc holdings corp (ITC) Key Developments

ITC Holdings Corp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reaffirms Earnings Guidance for the Fiscal 2015

ITC Holdings Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company's net income fell to $46.7 million, or $0.30 per diluted share, from $76.9 million, or $0.48 per diluted share, a year earlier. The company's operating earnings, which exclude one-time items, rose to $0.48 per diluted share from $0.44 per diluted share in the prior-year period. Operating revenue slipped to $231.1 million from $255.4 million a year ago. Operating income was $119.03 million against $141.36 million a year ago. Income before income taxes was $76.38 million against $100.45 million a year ago. Non-GAAP operating earnings were $75.91 million or $0.48 diluted per share against $69.96 million or $0.44 diluted per share a year ago. For the full year, the company reported operating revenues were $1,023.05 million against $941.27 million a year ago. Operating income was $592.83 million against $496.06 million a year ago. Income before income taxes was $394.405 million against $352.37 million a year ago. Net income was $244.08 million against $233.506 million a year ago. Diluted earnings per share were $1.54 against $1.47 a year ago. Operating diluted earnings per share were $1.85 against $1.63 a year ago. Non-GAAP operating earnings were $292.04 million or $1.85 diluted per share against $258.602 million or $1.63 diluted per share a year ago. Net cash provided by operating activities was $501.501 million against $449.2 million a year ago. Expenditure for property, plant and equipment was $733.14 million against $821.59 million a year ago. For 2015, ITC re-affirmed its guidance for operating earnings per share of $2.00 to $2.15; analysts recently were projecting $2.08, on average. The company also reiterated its 2015 capital-investment guidance range of $710 million to $810 million, which includes $170 to $200 million for ITC Transmission, $150 to $170 million for METC, $380 to $405 million for ITC Midwest, $10 to $25 million for ITC Great Plains and up to $10 million of Development.

ITC Holdings Corp. Adopts Fifth Amended and Restated Bylaws

At its regular meeting on February 24, 2015, the Board of Directors of ITC Holdings Corp. adopted the Fifth Amended and Restated Bylaws, amending the company's Bylaws as currently in effect. The changes are effective immediately. The Fifth Amended and Restated Bylaws amended Section 4.03 of the Company's Bylaws to provide that a special meeting of shareholders shall be called by the president or secretary upon the request of shareholders who are not market participants (as defined in regulations of the Federal Energy Regulatory Commission), own at least 25% of the outstanding common stock of the Company and have held that amount as a net long position continuously for at least one year. Previously the president or secretary was required to call a special meeting of shareholders upon the request of shareholders holding a majority of the outstanding shares of the Company's stock. The amendments also establish the following requirements and procedures relating to special meetings of shareholders and special meeting requests: Section 4.03(c) states that shareholder special meeting requests will only be considered together if each request identifies the same matter(s) proposed to be acted on at the special meeting and the requests are dated and delivered to the Company's secretary within sixty days of the earliest request. Section 4.03(c) also sets certain informational requirements for special meeting requests that must be delivered with the special meeting request and then updated as of the record date and as of ten business days prior to the special meeting in conformity with the Company's advance notice Bylaw provision. Section 4.03(d) allows the Board to deem a special meeting request revoked and cancel a special meeting if the requesting shareholders' net long beneficial ownership drops below the 25% ownership threshold at any time prior to the meeting. This section also permits the president and secretary to disregard a shareholder special meeting request under the following circumstances: The Board has called or calls for an annual or special meeting of shareholders and the purposes of such annual meeting include the purpose specified in the request. The request is received within 90 days prior to the one year anniversary of the prior year's annual meeting of shareholders. A shareholders meeting was held not more than 120 days before the special meeting request was received that included an item of business that is substantially similar to an item of business specified in the request. The request is not in proper form. Notice of the matter or matters to be brought before the meeting was not properly given pursuant to the Company's Bylaws. The business specified in the request is not a proper subject for shareholder action under applicable law. The request was made in a manner that involved a violation of Regulation 14A under the Securities Exchange Act of 1934, as amended, or other applicable law. Section 4.03(e) provides that business transacted at a special meeting of shareholders is limited to the purpose(s) stated in the special meeting request and matters submitted by the Board, chairperson or president of the Company. Section 4.03(e) also clarifies that if a requesting shareholder or their duly qualified representative does not attend the meeting and present the matter(s) in the request, the chairperson may determine that the matter(s) have not been properly brought before the meeting and, in such case, such matter(s) shall not be voted upon.

ITC Holdings Corp., Board Meeting, Feb 24, 2015

ITC Holdings Corp., Board Meeting, Feb 24, 2015. Agenda: To adopt the Fifth Amended and Restated Bylaws.

 

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ITC

Industry Average

Valuation ITC Industry Range
Price/Earnings 25.1x
Price/Sales 5.9x
Price/Book 3.6x
Price/Cash Flow 16.2x
TEV/Sales 1.8x
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