Uranium miner Cameco reports Q1 profit nearly triples, revenue up more than 70%

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SASKATOON — Cameco Corp. reported its first-quarter profit more than doubled compared with a year ago, while its revenue rose more than 70 per cent, helped by higher deliveries and higher average realized prices in both its uranium and fuel services businesses.

The uranium miner also raised its revenue outlook for the full year to between $2.22 billion and $2.37 billion compared with its earlier expectations for between $2.12 billion and $2.27 billion.

Cameco says its profit amounted to $119 million or 27 cents per diluted share for the quarter ended March 31, up from $40 million or 10 cents per diluted share a year ago.

Revenue totalled $687 million, up from $398 million in the first three months of 2022.

On an adjusted basis, Cameco says its profit amounted to 27 cents per diluted share, up from an adjusted profit of four cents per diluted share a year earlier.

Analysts on average had expected a profit of 25 cents per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published April 28, 2023.

Companies in this story: (TSX:CCO)

The Canadian Press