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Nov 7, 2019

Hydro One third-quarter profit rises on lower costs; revenue falls on bad weather

Power lines run through Hydro One Ltd. transmission towers in Toronto, Ontario, Canada, on Thursday, July 12, 2018. Hydro One is facing a long-term share overhang after new Ontario Premier Doug Ford fulfilled an election promise to oust the utility's chief executive offer and board of directors, analysts say.

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TORONTO -- Hydro One Ltd. reported that its third-quarter profit rose compared with a year ago, helped by lower costs, partially offset by lower revenue due to less favourable weather.

The Ontario power utility says it earned $241 million or 40 cents per diluted share for the quarter ended Sept. 30.

That compared with a profit of $194 million or 32 cents per diluted share a year ago.

Revenue totalled $1.59 billion, down from nearly $1.61 billion.

On an adjusted basis, Hydro One says it earned 40 cents per share for the quarter compared with an adjusted profit of 38 cents per share a year ago.

Analysts on average had expected a profit of 37 cents per share and revenue of nearly $1.65 billion, according to financial markets data firm Refinitiv.

"Our main focus has been and will remain operational excellence as we continue to drive performance," Hydro One chief executive Mark Poweska said in a statement.