Hydro One Q3 profit drops to $194 million from last year’s strong results

TORONTO – Hydro One Ltd. is reporting that its net profit decreased by 11.4 per cent in the third quarter to $194 million.

The parent company of Ontario’s largest electricity transmission and distribution utility says it earned 32 cents per diluted share for the period ended Sept. 30, compared with $219 million or 37 cents per share a year earlier.

The prior year’s profits were boosted by regulatory catch-up revenues and a lower effective tax rate.

Excluding one-time items, adjusted profits slipped 4.2 per cent to $227 million or 38 cents per share, from $237 million or 40 cents per share in the prior year.

Revenues were $1.61 billion, up 3.1 per cent from $1.52 billion, reflecting higher consumption from favourable weather.

Hydro One was expected to earn 35 cents per share in adjusted profits on $1.61 billion in revenues, according to analysts polled by Thomson Reuters Eikon.

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