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Hydro One reports $293M Q1 profit, up from $282M a year earlier

Written by on May 14, 2024

TORONTO — Hydro One Ltd. reported its first-quarter profit rose compared with a year earlier, helped by higher revenue.

The power utility says it earned net income attributable to common shareholders of $293 million or 49 cents per diluted share for the quarter ended March 31.

The result compared with a profit of $282 million or 47 cents per diluted share in the first quarter of 2023.

Revenue for the quarter totalled $2.17 billion, up from $2.07 billion in the same quarter last year.

Revenue, net of purchased power, amounted to $1.07 billion, up from $1.06 billion a year earlier.

Hydro One is Ontario’s largest electricity transmission and distribution provider with about 1.5 million customers.

This report by The Canadian Press was first published May 14, 2024.

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The Canadian Press