By Robb M. Stewart
Cameco swung to a profit in the latest quarter with a jump in revenue and a higher price for uranium.
The Canadian uranium producer swung to earnings of 70 million Canadian dollars (US$50.7 million), or C$0.16 a share, in the first quarter from a year-earlier loss of C$7 million, or C$0.02 a share.
On an adjusted basis, per-share earnings of C$0.16 fell short of the C$0.19 share mean estimate of analysts polled by FactSet.
Revenue increased 24% to C$789 million, slightly ahead of the C$787.5 million expected by analysts.
Earnings for the company's core uranium operation were down 10%, or 6% lower on an adjusted basis, after the timing of sales dented results for the part-owned Inkai venture with Kazakhstan's government.
Earnings for Cameco's fuel-services segment jumped, due to a rise in sales and average prices, and the Westinghouse Electric business jointly owned with Brookfield Asset Management narrowed its loss for the quarter.
The Saskatoon, Saskatchewan, company's uranium operations produced 6 million pounds, up from 5.8 million in the same period last year, though sales of the fuel were down 5.5% at 6.9 million pounds.
The price of uranium in Canadian dollars was 15% higher than a year earlier, Cameco said.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
May 01, 2025 07:11 ET (11:11 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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