Cameco Surges After Q3 2023 Financials Beat Estimates
Cameco Corp (TSX: CCO) announced its third-quarter financial results on Tuesday, revealing a significant turnaround from the previous year. The Saskatoon, Saskatchewan-based company reported a robust net income of $148 million for the quarter, marking a stark contrast to the $20 million loss incurred during the same period the previous year.
The company’s earnings per share came in at 34 cents, and even after adjusting for non-recurring gains, they remained strong at 32 cents per share. This beats the street estimate of 11 cents per share.
During this quarter, Cameco posted a revenue of $575 million compared to last year’s $389 million. This quarter’s topline revenue also beat the analysts’ estimate of $523 million.
Cameco’s stock has been on a remarkable upward trajectory, with a 67% increase since the start of the year and a notable 56% surge over the last 12 months.
“Our third quarter financial performance continues to demonstrate the benefits of our strategic decisions and the significant, positive momentum we are experiencing in the nuclear energy industry. We have again increased our consolidated revenue outlook for 2023, which is driven by higher average realized prices as a result of substantial uranium spot price improvements,” said CEO Tim Gitzel.
In a promising development, the firm has revised its revenue outlook for 2023, owing to a stellar performance in both its uranium and fuel-services segments. The company now anticipates its consolidated revenue to fall within the range of $2.43 billion – $2.58 billion. This represents an upward adjustment from its previous revenue expectations, which were set between $2.38 billion and $2.53 billion.
Cameco last traded at $52.36 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.
