Hydro One reports Q4 profit down from year ago as it faced COVID-19 related costs

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TORONTO — Hydro One Ltd. reported its fourth-quarter profit fell compared with a year earlier as the power utility faced higher costs related to the pandemic.

Hydro One says it earned net income attributable to common shareholders of $161 million or 27 cents per diluted share for the quarter ended Dec. 31, compared with a profit of $211 million or 35 cents per diluted share a year earlier.

In addition to COVID-19 related expenses, the company says it saw a reduction in insurance proceeds, higher depreciation and asset removal costs and higher taxes.

Revenue for the quarter totalled $1.87 billion, up from $1.72 billion.

On an adjusted basis, Hydro One says it earned 27 cents per diluted share, down from 35 cents per diluted share in the fourth quarter of 2019.

Analysts on average had expected a profit of 29 cents per share, according to financial data firm Refinitiv.

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