Hydro One’s Q1 earnings jump $293M due to increased revenue

Hydro One Ltd. reported its first-quarter profit rose compared to a year earlier, which was helped by higher revenue.

The power utility says it earned net income attributable to common shareholders of $293 million or 49 cents per diluted share for the quarter that ended March 31.

The result compared with a profit of $282 million or 47 cents per diluted share in the first quarter of 2023.

Revenue for the quarter totalled $2.17 billion, up from $2.07 billion in the same quarter last year.

Revenue, net of purchased power, amounted to $1.07 billion, up from $1.06 billion a year earlier.

Hydro One is an electricity transmission and distribution provider with about 1.5 million customers.