Cameco reports $40M Q1 profit, revenue up 37 per cent, boosted by higher prices

SASKATOON – Cameco Corp. reported a first-quarter profit of $40 million compared with a loss of $5 million a year ago as its revenue rose 37 per cent compared with a year ago, helped by higher prices.

The uranium miner says the profit amounted to 10 cents per diluted share for the quarter ended March 31 compared with a loss of a penny per diluted share in the same quarter last year.

Revenue totalled $398 million, up from $290 million in the first three months of 2021.

The company says its uranium segment saw an average realized price up 34 per cent compared with a year ago, while its fuel services segment reported average realized prices up eight per cent from the same quarter last year.

On an adjusted basis, Cameco says it earned four cents per share in its most recent quarter compared with an adjusted loss of seven cents per diluted share in the same quarter last year.

In an update to its outlook, Cameco says it now expects its consolidated revenue to be between $1.73 billion and $1.88 billion for the year, up from its earlier guidance for between $1.5 billion and $1.65 billion.

This report by The Canadian Press was first published May 5, 2022.

Companies in this story: (TSX:CCO)