Hydro One reports fourth-quarter profit up more than 10% from year ago

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TORONTO – Hydro One Ltd. reported its fourth-quarter profit rose more than 10 per cent compared with a year ago.

The power utility says it earned a profit attributable to shareholders of $178 million or 30 cents per diluted share for the quarter ended Dec. 31.

The result compared with a profit of $159 million or 26 cents per diluted share in the last three months of 2021.

Revenue totalled $1.86 billion for the quarter, up from $1.78 billion a year earlier, while revenue, net of purchased power, was $967 million, up from $865 million.

For the full year, Hydro One says it earned a profit attributable to shareholders of $1.05 billion or $1.75 per diluted share, up from $965 million or $1.61 per diluted share in 2021.

Revenue for 2022 totalled $7.78 billion, up from $7.23 billion in 2021, while revenue, net of purchased power, was $4.06 billion in 2022, up from $3.65 billion a year earlier.

This report by The Canadian Press was first published Feb. 14, 2023.

Companies in this story: (TSX:H)

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