Friday, August 28th13.8°C
27214
26033

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

26755


Recent Trending




Today's Market
S&P TSX13766.67+385.08
S&P CDNX545.55+15.85
DJIA16654.77+369.26
Nasdaq4812.71+115.17
S&P 5001987.66+47.15
CDN Dollar0.7559-0.0014
Gold1119.50-5.10
Oil42.18-0.38
Lumber240.80-6.10
Natural Gas2.684+0.020

 
Okanagan Companies
Pacific Safety0.165+0.005
Knighthawk0.010.00
QHR Technologies Inc1.24+0.05
Cantex0.04-0.01
Anavex Life Sciences1.35+0.00
Metalex Ventures0.055+0.000
Russel Metals20.98+1.54
Copper Mountain Mining0.65+0.06
Colorado Resources0.075-0.005
ReliaBrand Inc0.004-0.000
Sunrise Resources Ltd0.025+0.005
Mission Ready Services0.07+0.01
Decisive Dividend Corp2.61-0.12

 





FEATURED Property
2357967955 PINEWOOD PLACE
2 bedrooms 1 baths
$148,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...


Your business is not a bank

Photo: Thinkstock.comYour plumbing business is not a bank. But when you are giving terms to customers that exceed what you get from your suppliers, you become one. And every time that someone does not...


Begin with the end in mind

Photo: ContributedWe humans love our dates: birthdays, anniversaries, 9/11, the Ides of March - our lives are intimately woven within the tapestry of the calendar. So it should come as no surprise whe...

_





27313


Member of BC Press Council


24222