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

Hydro One Ltd. H-T 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.