Hydro One reports $293M Q1 profit, up from $282M a year earlier

Hydro One Ltd.

, Ontario's largest electricity transmission and distribution provider, announced a significant increase in its first-quarter profit compared to the previous year. The company reported a net income of $293 million, or 49 cents per diluted share, for the quarter ending March 31. This marks an increase from the $282 million, or 47 cents per diluted share, reported in the first quarter of 2023.

The rise in profit was driven by higher revenue. Hydro One's total revenue for the quarter reached $2.17 billion, up from $2.07 billion in the same period last year. Revenue, net of purchased power, was $1.07 billion, a slight increase from $1.06 billion a year earlier.

In light of the strong financial performance, Hydro One has raised its quarterly dividend. Shareholders will now receive 31.42 cents per share, up from the previous 29.64 cents per share. This dividend increase reflects the company's confidence in its financial stability and its commitment to delivering value to its shareholders.

Hydro One serves approximately 1.5 million customers across Ontario, making it a critical player in the province's electricity sector. The company's continued growth and financial health are essential for maintaining and improving the electricity infrastructure that so many Ontarians rely on.

The higher profit and increased dividend come as good news for investors and stakeholders, signaling robust performance and positive future prospects for Hydro One. As the company continues to expand and upgrade its services, it remains focused on meeting the growing energy needs of Ontario residents and businesses.