09:57 AM EST, 11/07/2024 (MT Newswires) -- Hydro One ( HRNNF ) was fluctuating between modest gains and losses in early trade Thursday after its third quarter earnings met expectations on improved revenues.

National Bank said the overall impact of the result is "neutral". It added: "With another solid quarter in the books and the company's capital plan through 2027 intact, we expect little change to our estimates following the company's conference call."

For its part, Hydro One ( HRNNF ) reported Q3 2024 GAAP diluted earnings of $371 million, or $0.62 per share, up 3.3% from $357 million, or $0.59, a year earlier. It met the Capital IQ forecast.

Revenue for the quarter ended Sept. 30 was $2.19 billion, up 13.5% from $1.93 billion a year earlier. This beat a Capital IQ forecast of $2.006 billion.

The company said higher revenues resulted from Ontario Energy Board (OEB) approved 2024 transmission and distribution rates, as well as higher average monthly peak demand and energy consumption, which were partially offset by higher income tax expense, higher depreciation, amortization and asset removal costs and higher financing charges.

Subsequent to quarter end, Hydro One ( HRNNF ) filed settlement proposals with OEB for the 5-year rate applications for its B2M Limited Partnership and the Niagara Reinforcement Limited Partnership and reached settlement-in-principle for its Chatham to Lakeshore Transmission Line Project, with plans to file the proposal soon. Subsequent to quarter end, the government approved an Environmental Assessment Report for the Waasigan Transmission Line.

Hydro One's ( HRNNF ) quarterly cash dividend of $0.3142 per share is payable on Dec. 31, to shareholders of record on Dec. 11, 2024.

In Q3, the company's capital investments totaled $773 million, compared to $638 million in the same period of 2023, with assets placed in-service amounting to $597 million, down from $699 million a year earlier.

Price: 44.11, Change: -0.07, Percent Change: -0.16