Q2 2024 Hydro One Ltd Earnings Call Transcript
Key Points
- Hydro One Ltd (HRNNF) reported a year-over-year increase in basic earnings per share from $0.44 to $0.49.
- The company achieved significant cost savings and accelerated project timelines, notably completing the Chatham electric transmission line a year ahead of schedule and $31 million under budget.
- Hydro One Ltd (HRNNF) has a strong focus on safety, achieving an annual recordable injury rate of 0.56, well below the industry benchmark of 1.0.
- The company continues to invest heavily in modernizing and expanding its transmission and distribution systems, with $818 million invested in the second quarter alone.
- Hydro One Ltd (HRNNF) has been recognized for its sustainability efforts, including reducing Scope 1 greenhouse gas emissions by approximately 24% compared to its 2018 baseline.
- Higher income tax expenses and increased depreciation, amortization, and asset removal costs partially offset the revenue gains.
- The pace of broadband orders has not accelerated as expected, potentially impacting future revenue from this segment.
- Financing charges increased by 9% year-over-year due to higher interest rates on long-term debt and more long-term debt issuances.
- The company faces uncertainties in the regulatory environment, particularly concerning the Ontario Energy Board's cost of capital proceedings.
- Hydro One Ltd (HRNNF) has not yet secured federal loan guarantees for its First Nations partnerships, which could impact the financing of future projects.
Good morning, ladies and gentlemen, and welcome to Hydro One Limited second quarter 2024 analyst teleconference. (Operator Instructions) As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Mr. Omar Javaid, Vice President, Investor Relations at Hydro One. Please go ahead.
Good morning, and thank you for joining us in Hydro One's quarterly earnings call. Joining us today are our President and CEO, David Lebeter; and our Chief Financial and Regulatory Officer, Harry Taylor. On the call today we'll provide an overview of our quarterly results, and then we will take some time answering questions as time permits.
Today's discussions will likely touch on estimates and other forward-looking information. You should review the cautionary language in today's earnings release and our MD&A, which we filed this morning regarding the various factors, assumptions and risks that could cause our actual results to differ as they all apply to this call. With that, I'll turn
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