Cameco reports $7M Q1 loss, revenue down from year ago

Cameco Corp. reported a loss in its latest quarter as it was hit by charges related to its acquisition of a stake in Westinghouse Electric Co., one of the world's largest nuclear services businesses.

The Saskatoon-based uranium miner said its loss attributable to equity holders amounted to $7 million or two cents per diluted share for the quarter ended March 31 compared with a profit of $119 million or 27 cents per diluted share a year earlier.

Revenue totalled $634 million, down from $687 million in the same quarter last year.

On an adjusted basis, Cameco said it earned 13 cents per share in its latest quarter, down from 27 cents per share a year earlier.

The financial results are in line with the company's 2024 outlook, “which has not changed, and are as expected,” Cameco president-ceo Tim Gitzel said in a statement.

Last year, Cameco and Brookfield Renewable Partners closed their deal to buy Westinghouse Electric for US$4.5 billion plus assumed debt.

Under the deal, Brookfield Renewable, with its institutional partners, hold a 51 per cent stake, while Cameco owns 49 per cent.

“Our strategy continues to demonstrate the benefits of aligning our operational, marketing, and financially focused decisions in a market where we are seeing sustained, positive momentum for nuclear energy like never before. We remain in the enviable position of having what we believe are the world's premier, tier-one assets operating in stable geopolitical regions, along with our investments across the fuel cycle and reactor life cycle. That includes our investment in Westinghouse, where we are seeing its long-term business prospects continue to improve,” Gitzel said.

“With our position as a proven, reliable supplier operating across the nuclear fuel cycle, our customers recognize our deep understanding of how nuclear fuel markets work, and global policymakers are turning to us as thought leaders in the industry.”