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Jul 29, 2020

Cameco losses mount to $53 million in second quarter despite revenue surge

Ross Healy discusses Uranium Participation and Cameco


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SASKATOON - Cameco Corp. missed earnings expectations as it lost $53 million in the second quarter despite a 35 per cent growth in revenues.

The Saskatoon-based uranium miner says it lost 13 cents per share for the period ended June 30, compared with a loss of six cents per share or $23 million a year earlier.

Chief executive Tim Gitzel says the proactive shutdown of operations because of the COVID-19 pandemic resulted in an additional $37 million in costs and increased reliance on the spot market for uranium supply.

The adjusted loss was $65 million or 16 cents per share, compared with a loss of $18 million or four cents per share in the prior year.

Revenues increased to $525 million from $388 million.

Cameco was expected to report an adjusted loss of five cents per share on $400.4 million of revenues, according to financial markets data firm Refinitiv.