Cameco Raises 2024 Uranium Production Guidance, Boosts Dividend in Q3 Results

Major uranium producer Cameco ( TSX : CCO ,NYSE:CCJ) shared its third quarter results on Thursday (November 7), reporting a strong performance despite production setbacks at its Kazakhstan operations.

The company reported uranium production of 4.3 million pounds, up 43 percent from the year-ago period. Sales volumes came in at 7.3 million pounds, relatively flat from 7 million pounds in Q3 2023.

Revenue stood at $721 million, a 75 percent increase year-on-year. Cameco’s net earnings attributable to shareholders were $7 million, a decrease of 95 percent from the $148 million seen 12 months ago.

"Third quarter results reflect normal quarterly variations in sales volumes, as well as delayed sales for Joint Venture Inkai due to continued transportation challenges, and the ongoing impact of purchase accounting for Westinghouse," Cameco said. The company owns Inkai in a partnership with top uranium miner Kazatomprom (LSE: KAP ,OTC Pink:NATKY).Explaining Inkai’s status, the company said that […]

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