Hydro One - President and CEO, Mark Poweska
President and CEO, Mark Poweska
Source: PR Newswire
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  • Hydro One Limited (TSX:H) has reported gains in revenue and net earnings for its first quarter of 2020
  • The company generated a net profit of C$225 million in the first quarter, compared to $171 million reported in 2019’s same quarter
  • Revenue also went up to C1.85 billion, a 5.2 per cent increase on last year’s corresponding period
  • To assist the community due the pandemic, the company has suspended late fees for all customers and returned $5 million in security deposits to eligible business
  • Hydro One Limited (H) is down 0.35 per cent, with shares trading for $25.35 and a market cap of $15.1 billion

Hydro One Limited (TSX:H) has reported gains in revenue and net earnings for its first quarter of 2020.

The company generated a net profit of C$225 million in the first quarter, a strong performance given the $171 million reported in 2019’s same quarter.

Revenue also went up to C1.85 billion, a 5.2 per cent increase on last year’s corresponding period.

While revenues, when compared with net of purchased power, were marginally down, Hydro One stated this is largely the result of higher reported revenues from 2018 spilling over into 2019’s corresponding quarter. 

The company also stated that less favourable weather contributed to the drop.

To assist the community due the pandemic, the company has suspended late fees for all customers and returned $5 million in security deposits to eligible business. 

Hydro One is Ontario’s largest electricity distributor, and President and CEO Mark Poweska believes that strong financials and community initiatives will be of vital importance during the pandemic.

“Ontarians are counting on us now more than ever as we collectively fight the COVID-19 pandemic. As an essential service, we recognize the critical role we have in energizing life for families, businesses and communities.

“Building on our strong foundation, stable financials and focus on operational excellence, we will continue to meet the needs of our customers and communities now and into the future,” he said.

Despite the steady performance, the company’s market share went through a turbulent first quarter. In the first three weeks of march Hydro One’s share price fell more than 20 per cent but has since recovered the majority of its losses.

Hydro One Limited (H) is down 0.35 per cent, with shares trading for $25.35 at 9:58am EDT.

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