Cameco trims production forecast as it reports a loss in its latest quarter

SASKATOON – Cameco Corp. (TSX:CCO) is trimming its production outlook due to delays at its Key Lake mine and lower-than-expected production at its Smith Ranch-Highland operation.

The uranium miner says it now expects to produce 24.0 million pounds this year, down from an earlier forecast for 25.2 million pounds.

The company is also cutting its capital spending guidance to $160 million for the year compared with earlier expectations for $175 million.

The revised outlook came as Cameco says it lost $124 million or 31 cents per share in its latest quarter compared with a profit of $142 million or 36 cents per share a year ago.

On an adjusted basis, the company says it lost $50 million or 13 cents per share for the quarter ended Sept. 30 compared with a profit of $118 million or 30 cents per share in the same quarter last year.

Revenue fell to $486 million compared with $670 million.