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Nov 2, 2018

Cameco swings to a profit in third quarter


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SASKATOON -- Cameco Corp. says it earned $28 million in its latest quarter compared with a loss in the same quarter last year.

The uranium miner says the profit amounted to seven cents per share for the quarter ended Sept. 30 compared with a loss of $124 million or 31 cents per share a year ago.

Revenue totalled $488 million, up from $486 million.

On an adjusted basis, Cameco says it earned $15 million or four cents per share for the quarter compared with an adjusted loss of $50 million or 13 cents per share a year ago.

Analysts on average had expected a profit of three cents per share, according to Thomson Reuters Eikon.

Cameco announced an extended shutdown in July of its McArthur River and Key Lake operations that resulted in the permanent layoff of approximately 520 site employees. In addition, the company cut its corporate office workforce by about 150 positions.