Latest Videos

{{ currentStream.Name }}

Related Video

Continuous Play:

The information you requested is not available at this time, please check back again soon.

More Video

Feb 24, 2021

Hydro One reports Q4 profit down from year ago as it faced COVID-19 related costs

Christine Poole discusses Hydro One


Security Not Found

The stock symbol {{StockChart.Ric}} does not exist

See Full Stock Page »

TORONTO - Hydro One Ltd. 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.