By Adriano Marchese
Hydro One Ltd. profit rose in the second quarter as demand increased, while revenue growth missed analysts’ forecasts.
The Canadian electricity transmission and distribution utility company, which focuses primarily on the province of Ontario, reported net income of 255 million Canadian dollars (US$198.3 million), or C$0.42 a share, up from C$238 million, or C$0.40 a share, a year earlier.
Analysts polled on FactSet had expected earnings per share of C$0.42.
The company credited the increase to approved rates for the transmission and distribution segments, and higher demand, it said.
Revenue was C$1.84 billion, compared with C$1.72 billion, and missing analysts’ forecasts of C$1.94 billion.
The board of directors declared a quarterly dividend of C$0.2796 a share.
Write to Adriano Marchese at email@example.com
Read Nore:Hydro One 2Q Profit Rises; Revenue Growth Misses Market Views