Cameco Reports $361 Million In Revenue, $72 Million Net Loss In Q3 2021
Cameco (TSX: CCO) announced this morning its financial and operational results for Q3 2021, highlighting a quarterly revenue of $361 million. This is a decrease from Q3 2020’s revenue of $379 million.
Gross margin for the quarter came to a negative 7.2% compared to last year’s negative 6.3%. “Our third quarter results were as expected and reflect the continued execution of our strategy and the proactive decisions to suspend production to protect the health and safety of our workers, their families, and their communities,” said Cameco CEO Tim Gitzel.
The firm further relayed that its McArthur River and Key Lake properties are in care and maintenance, hence it is “not at the regular tier-one run rate” of its business.
Net loss for the quarter came in at $72 million compared to last year’s $61 million net loss. This translates to $0.18 loss per share.
Considering financial calibrations, including a $26 million adjustment on derivatives, adjusted net loss came in at $54 million.
In terms of production, the firm was able to produce 2.0 million uranium pounds for the quarter, an increase from last year’s 0.2 million pounds. Total sales volume came in at 6.7 million uranium pounds at an average realized price of $40.20 per pound. However, uranium net sales came in at a loss of $30 million.
At the end of the quarter, the firm reported $1.4 billion in cash and short-term investments and $1.0 billion in long-term debt.
Cameco last traded at $31.45 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
