Hydro One’s 2nd-Qtr Profit Plunge

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CBJ — Second-quarter profit at Hydro One tumbled about 23% from the same time last year to $155 million. The shortfall is being blamed by numerous higher weather-related costs for vegetation control and storm-related power restoration.

Ontario’s main power provider says its net earnings attributable to shareholders dropped to 26 cents per share from 34 cents per share when Hydro One had $200 million in net income.

Adjusted net income for the publicly-traded company was also 26 cents per share, down from 32 cents per diluted share in the second quarter of 2018.

Revenue was $1.41 billion, down from $1.48 billion, while revenue net of purchased power was $760 million, down from $803 million.