Cameco Corp. CCO-T reported a first-quarter profit as its revenue rose compared with a year ago, citing strong production of uranium and fuel services.
The company says it earned a profit attributable to equity holders of $70-million or 16 cents per diluted share for the quarter ended March 31, compared with a loss of $7-million or two cents per diluted share a year earlier.
On an adjusted basis, Cameco says it earned 16 cents per diluted share in its latest quarter, up from an adjusted profit of 11 cents per diluted share a year earlier.
Revenue for the quarter totalled $789-million, up from $634-million a year earlier.
Uranium production totalled 6.0 million pounds for the quarter, up from 5.8 million a year earlier, while sales volumes amounted to 6.9 million pounds, down from 7.3 million pounds. Cameco’s average realized price for uranium was $89.12 per pound, up from $77.33 a year earlier.
Cameco’s fuel services business saw production of 3.9 million kilograms, up from 3.7 million a year earlier, while fuel services sales volumes totalled 2.4 million kilograms, up from 1.5 million kilograms. Fuel services reported an average realized price of $56.64 per kilogram, up from $48.36 in the first quarter of 2024.