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Hydro One reports $238-million Q2 profit, revenue up from year ago

·1 min read

TORONTO — Hydro One Ltd. reported a second-quarter profit of $238 million as its revenue edged higher.

The power utility says the profit for the quarter ended June 30 amounted to 40 cents per diluted share compared.

The result compared with a profit of $1.1 billion or $1.84 per diluted share a year ago when the company recorded a one-time gain of $867 million due to an Ontario court ruling on a deferred tax asset appeal that set aside an Ontario Energy Board decision.

Revenue in the quarter was $1.72 billion, up from $1.67 billion in the same quarter last year.

On an adjusted basis, Hydro One says it earned 40 cents per diluted share for its latest quarter compared with an adjusted profit of 39 cents per diluted share a year ago.

Analysts on average had expected an adjusted profit of 37 cents per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Aug. 10, 2021.

Companies in this story: (TSX:H)

The Canadian Press

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