Utility giant Hydro One (H) has announced a second-quarter profit of $255 million, up 7% from a
year ago.
The Toronto-based company, which is Ontario's largest electricity distributor with 1.5 million
customers in the province, said that its Q2 profit equaled $0.43 per share, up from $0.40 a
share in the same period last year.
Hydro One attributed the profit gain to higher rates for the transmission and distribution of
electricity, as well as higher demand among users.
The company’s revenue totaled $988 million in the quarter ended June 30, up from $884 million
in the same period of 2021.
Hydro One also declared a quarterly dividend of $0.28 per share, which will be paid on
September 29 of this year.
Hydro One’s stock is up 10% year-to-date at $36.19 per share.
