Cameco 2024 Revenue Surges But Earnings Still Down Following Westinghouse Acquisition
Cameco (TSX: CCO) has released its financial and operating results for Q4 and year ended December 31, 2024, reporting a notable revenue rise to $3.14 billion—up 21% from $2.59 billion in 2023. During Q4, revenue surged to $1.18 billion, versus $844 million in the comparable period of 2023.
The company attributed the rise to higher average realized prices in the uranium segment, jumping to $79.70 per pound for 2024, a gain of 18% year over year.
Despite the topline figures, full‐year net earnings dipped to $172 million, down from $361 million in 2023. Quarterly net earnings for Q4 came in at $135 million, higher than last year’s $80 million but partially offset by unrealized derivative losses and higher exploration expenses. The lower annual net income largely stemmed from the non‐cash inventory revaluation at Westinghouse and acquisition‐related transition costs.
Adjusted net earnings came in at $292 million for 2024, versus $383 million in 2023. On a quarterly basis, adjusted net earnings rose to $157 million, compared to $108 million in Q4 2023.
Although the newly acquired Westinghouse segment booked a net loss of $218 million for Cameco’s share in 2024 due to purchase‐accounting effects, it generated $483 million in adjusted EBITDA. Total adjusted EBITDA for the year came in at $1.53 billion, up from last year’s $884 million. In Q4, the figure also jumped to $524 million from $336 million in the comparable period last year.
Cameco’s net cash provided by operations rose from $688 million in 2023 to $905 million in 2024. This improvement was driven by stronger uranium sales and higher realized prices.
As of the end of 2024, Cameco held $600 million in cash and equivalents, rising from $567 million at the end of 2023. This led to a current assets balance of $1.92 billion while current liabilities ended at $1.19 billion.
The firm’s uranium segment posted a 33% surge in annual production, from 17.6 million pounds in 2023 to 23.4 million pounds in 2024. Cameco said that Key Lake and McArthur River hit a new collective annual record of 20.3 million pounds packaged.
At the Inkai joint venture, total production slipped to 7.8 million pounds (3.6 million pounds attributable to Cameco), slightly lower than 2023, owing to sulfuric acid supply constraints and early‐2025 regulatory disruptions.
Looking ahead, management’s production output is targeted at 18 million pounds each from McArthur River, and Key Lake and Cigar Lake in 2025.
Cameco last traded at $66.19 on the TSX.
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