Skip to main content

Hydro One Ltd. H-T reported its fourth-quarter profit fell compared with a year earlier as the power utility faced higher costs related to the pandemic.

Hydro One says it earned net income attributable to common shareholders of $161 million or 27 cents per diluted share for the quarter ended Dec. 31, compared with a profit of $211 million or 35 cents per diluted share a year earlier.

In addition to COVID-19 related expenses, the company says it saw a reduction in insurance proceeds, higher depreciation and asset removal costs and higher taxes.

Revenue for the quarter totalled $1.87 billion, up from $1.72 billion.

On an adjusted basis, Hydro One says it earned 27 cents per diluted share, down from 35 cents per diluted share in the fourth quarter of 2019.

Analysts on average had expected a profit of 29 cents per share, according to financial data firm Refinitiv.

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Report an error

Tickers mentioned in this story