Hydro One Ltd. (H.TO), on Wednesday, reported higher net income in the first quarter of 2026 compared with the previous year. The company also declared a cash dividend.
The company said that the year-over-year increase in earnings per share was primarily driven by higher revenue from Ontario Energy Board-approved rates and increased peak demand, partially offset by higher financing charges and depreciation expense.
For the first quarter, net income attributable to shareholders increased to C$391 million from C$358 million in the previous year.
Earnings per share C$0.65 versus C$0.60 last year.
Revenue increased to C$2.65 billion from C$ 2.41 billion in the previous year.
Further, the company declared a quarterly cash dividend of $0.3531 per share on its common stock, payable on June 30 to shareholders of record as of June 10.
The company also announced that David Lebeter will retire as President and Chief Executive Officer effective June 9, and will remain with the company as Special Advisor until October 10.
The board appointed Chief Operating Officer Megan Telford as President and Chief Executive Officer, effective June 9.
Hydro One is currently trading 0.72% higher at C$59.15 on the Toronto Stock Exchange.
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