Wednesday, October 22nd12.2°C
23840
23778

Cameco reports second-quarter profit and revenue up from year ago

SASKATOON - Uranium miner Cameco (TSX:CCO) reported Thursday a an increase in its second-quarter profit compared with a year ago, helped by increased sales volumes and higher realized prices.

The company said it earned $127 million or 32 cents per diluted share, up from $34 million or nine cents per share a year ago.

Revenue improved to $502 million compared with $421 million in the second quarter of 2013.

On an adjusted basis, the company said it earned $79 million or 20 cents per diluted share, up from $61 million or 15 cents per diluted share a year ago.

Cameco sold 7.4 million pounds of uranium in the quarter as production totalled 4.0 million pounds. That compared with 6.4 million pounds sold and 4.4 million pounds produced in the same quarter last year.

The average realized price was $50.76 per pound, up from $47.35 per pounds a year ago, helped by a weaker Canadian dollar.

In its outlook for the year, Cameco lowered its estimate for uranium production to 22.8 million to 23.3 million pounds compared with an earlier forecast for 23.8 million to 24.3 million pounds.

The reduction followed the stoppage of some work at its Cigar Lake uranium mine in northern Saskatchewan after discovering that ground freezing used to prevent water from entering the mine had not advanced as quickly as expected in some areas.

The delay means ore that was expected to be milled at the end of the year will shift into early 2015.

Cameco also cut its sales outlook for its Nukem operation to be in the range of seven million to nine million pounds compared with earlier guidance for nine million to 11 million pounds due to on going weakness in the uranium market.

The company raised its capital spending estimate to $550 million, from $495 million, due to increased costs at its Key Lake operation and the shift in the production schedule at Cigar Lake.

The Canadian Press


Read more Business News

23015


Recent Trending




Today's Market
S&P TSX14312.07-235.64
S&P CDNX808.00-14.28
DJIA16461.32-153.49
Nasdaq4382.847-36.632
S&P 5001927.11-14.17
CDN Dollar0.8898+0.0003
Gold1242.10-3.40
Oil79.93-2.03
Lumber329.60+0.90
Natural Gas3.662-0.049

 
Okanagan Companies
Pacific Safety0.12+0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.055-0.025
Anavex Life Sciences0.198+0.006
Metalex Ventures0.05+0.005
Russel Metals32.53-0.56
Copper Mountain Mining2.10-0.07
Colorado Resources0.145-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.405-0.055

 



23015

FEATURED Property
2101408950/952 Mitchell Road
7 bedrooms 4 baths
$529,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_








Member of BC Press Council


22632