Cameco reports $20M third-quarter loss, revenue up eight per cent from year ago

SASKATOON – Cameco Corp. reported a third-quarter loss of $20 million compared with a loss of $72 million in the same quarter last year as its revenue rose eight per cent.

The uranium miner says the loss amounted to five cents per diluted share for the quarter ended Sept. 30 compared with a loss of 18 cents per diluted share a year earlier.

Revenue totalled $389 million, up from $361 million in the third quarter of 2021.

On an adjusted basis, Cameco says it earned $10 million or three cents per share for its latest quarter compared with an adjusted loss of $54 million or 14 cents per share a year earlier.

Earlier this month, Cameco announced it has teamed up with Brookfield Renewable Partners to buy Westinghouse Electric Co., one of the world’s largest nuclear services businesses, for US$4.5 billion plus assumed debt.

Under the deal, Brookfield Renewable, with its institutional partners, will own a 51 per cent interest in Westinghouse and Cameco will own 49 per cent.

This report by The Canadian Press was first published Oct. 27, 2022.

Companies in this story: (TSX:CCO; TSX:BEP.UN)