Earnings Call Excerpt
ITC Holdings Corporation (ITC)
Q4 2008 Earnings Call
February 26, 2009 11:00 a.m. ET
Executives
Pat Wenzel - Director of Investor Relations
Joseph Welch - Chairman, President and CEO
Edward Rahill - Senior Vice President and CFO
Analysts
Yiktat Fung - Zimmer Lucas Partners
Steve Gambuzza - Longbow Capital
Scott Thomas - Neuberger Berman
Dan Eggers - Credit Suisse
Renee Reynolds - Gilder Gagnon Howe & Co.
Presentation
Operator
Good day and welcome everyone to the ITC Holdings Corporation Fourth Quarter 2008 Financial Results conference call and webcast. This call is being recorded.
At this time for opening remarks and introductions, I would like to turn the call over to Ms. Pat Wenzel, Director of Investor Relations. Please go ahead, ma'am.
Pat Wenzel
Good morning or afternoon, and thank you for joining us for ITC's 2008 Fourth Quarter Earnings Conference Call. Joining me on today's call are Joseph Welch, Chairman, President and CEO of ITC; and Edward Rahill, our Senior Vice President and CFO. Last night, we issued a press release summarizing our fourth quarter and full year 2008 results. We expect to file our Form 10-Q with the Securities and Exchange Commission today.
Before we begin, I would like to remind everyone of the cautionary language contained in the following Safe Harbor statement. Certain statements made during today's call that are not historical facts such as those regarding our future plans, objectives, and expected performance are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements represent our outlook only as of today. While we believe that these statements and their underlying assumptions are reasonable, investors should know that actual results may differ from our projections and expectations because they are based on current facts and are subject to risks and uncertainties.
A discussion of the risks inherent in our business that could cause these differences may be found in certain documents filed with the SEC, such as our Form 10-Q expected to be filed today, our other periodic reports filed on Forms 10-Q and 10-K as well as our other SEC filings. You should consider these risk factors when evaluating our forward-looking statements. We disclaim any obligations to update or alter our forward-looking statements except as required by law.
At this time, I would like to turn the call over to Ed Rahill to discuss the financial results.
Edward Rahill
Thanks, Pat. We are very pleased with our strong 2008 financial results. In spite of a difficult economy and turbulent financial markets ITC continue to deliver a value to our shareholders. In the fourth quarter of 2008, ITC reported net income of $27 million or $.54 per diluted share. This compares with net income of $15.6 million or $.36 per diluted share for the fourth quarter of 2007. ITC report a net income for the full year of 2008 of $109.2 million or $2.19 per diluted share. This compares with net income of $73.3 million or $1.68 per diluted share for the same period in 2007.
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