Hydro One feels impact of warm weather as Q4 revenue, profit fall
A Hydro One office is pictured in Mississauga, Ont. on Wednesday, November 4, 2015. (Darren Calabrese / THE CANADIAN PRESS)
The Canadian Press
Published Friday, February 12, 2016 8:32AM EST
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.
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.