Hydro One feels impact of warm weather as Q4 revenue, profit fall

TORONTO -- Hydro One had a $143 million profit in the fourth quarter, a period when Ontario's largest electricity transmission and distribution utility began trading its stock publicly for the first time.

See Full Article

Its net income amounted to 26 cents per share, or 24 cents per share after adjustments -- both down substantially from the year-earlier period when Hydro One was fully owned by Ontario's provincial government.

The overall profit was nearly 34 per cent lower than the $216 million recorded in the fourth quarter of 2014.

Revenue fell by $140 million or 8.4 per cent to $15.2 billion, down 8.4 per cent from the fourth quarter of 2014.

Hydro One says unseasonably warm weather in the fourth quarter contributed to the lower revenue due to less demand at peak times.

Its expenses were also affected by repairs required for multiple wind storms as well as the timing of some other expenses.

The company will pay a quarterly dividend of 34 cents per common share -- the first since Hydro One completed its initial public offering and its shares began trading on the Toronto Stock Exchange on Nov. 11.



Advertisements

Latest Economic News

  • Wind company owed $28M by federal government asks court to force payment

    Economic CTV News
    TORONTO -- A wind power company is going to court to try to get $28 million it is owed by the federal government over an Ontario offshore wind moratorium. Windstream Energy had a 300-megawatt project planned for an offshore wind project in eastern Ontario when the provincial government abruptly enacted the moratorium in February 2011. Source
  • Asian stocks drift higher as investors await Fed minutes

    Economic CTV News
    SEOUL, Korea, Republic Of -- Asian stock markets were mixed with subdued movements on Wednesday, getting little push from Wall Street's record high overnight, as investors awaited the Fed's latest meeting minutes due later in the day for clues about the U.S. Source
  • Global markets mostly higher as investors await Fed minutes

    Economic CTV News
    SEOUL, Korea, Republic Of -- Global stock markets were mostly higher in subdued trading on Wednesday as investors awaited the Fed's latest meeting minutes, hoping for clues to the U.S. central bank's views on interest rates. Source
  • U.S. shutting down Dakota Access oil pipeline protest camp

    Economic CTV News
    BISMARCK, N.D. -- The Army Corps of Engineers' plan to close a Dakota Access pipeline protest camp that's been around for more than six months isn't likely to be the demise of on-the-ground opposition in North Dakota. Source
  • CRA's new fingerprinting policy could create travel problems for accused tax evaders

    Economic CBC News
    The Canada Revenue Agency has begun to record the fingerprints of every person charged with tax evasion, a move that could severely restrict foreign travel for anyone accused but not necessarily convicted of a criminal tax offence. Source
  • Alberta Energy Regulator names companies falling behind on pipeline safety

    Economic CTV News
    CALGARY - The Alberta Energy Regulator is making it easier for the public to see which oil and gas companies are falling behind on pipeline safety. The regulator launched a new pipeline reporting website Tuesday that lays out several pipeline safety ratings for all operators in the province over the past two years. Source
  • Wal-Mart keeps working to make inroads against Amazon

    Economic CTV News
    NEW YORK -- The nation's largest retailer keeps working to make headway against the largest online seller. Wal-Mart drew more shoppers to its namesake stores in the United States and its online sales soared 29 per cent in the fourth quarter, which covers the critical holiday shopping season. Source
  • Verizon forces Yahoo to cut sale price over hacking scandal

    Economic Toronto Sun
    SAN FRANCISCO — Yahoo is taking a $350 million hit on its previously announced $4.8 billion sale to Verizon in a concession for security lapses that exposed personal information stored in more than 1 billion Yahoo user accounts. Source
  • Seven-year-old girl's job application to Google catches CEO's eye

    Economic CTV News
    For seven-year-old Chloe Bridgewater, it’s never too early to get started on building your career. The girl from Hereford, U.K. penned a job application to Google CEO Sundar Pichai after seeing images of Google offices outfitted with bean bag chairs, go karts and slides. Source
  • French leftist lawmakers take EU-Canada free trade deal to court

    Economic CBC News
    More than 100 French left-wing lawmakers decided on Tuesday to appeal to the country's Constitutional Council to block a contentious free trade deal between the European Union and Canada. Supporters of the Comprehensive Economic and Trade Agreement (CETA) say it will boost economic growth and jobs on both sides of the Atlantic. Source