Cameco Reports Strong Q1 Results, Uranium Revenues Up 84% Y/Y,…

Cameco Reports Strong Q1 Results, Uranium Revenues Up 84% Y/Y,…

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  • cameco corp CCJ Revenue for the first quarter of 2023 grew 73% year over year C$687 million.
  • Uranium revenues increased 84% YoY to $594 million led by higher sales volumes (+64% YoY) and average realized price (+11% YoY).
  • The Company reported uranium production of 4.5 million pounds in the first quarter (up from 1.9 million pounds a year ago) with production ramp-up progressing well at McArthur River/Key Lake (Corporate share: 2.4 million pounds).
  • Adjusted net income increased significantly to $115 million in the first quarter from $17 million in the prior year.
  • Cash flow from operations increased to $215 million from $172 million in the year-ago quarter.
  • Cash and cash equivalents for the first quarter were $2.5 billion.
  • Outlook 2023: CCJ raised total revenue guidance to C$2.22-2.37 billion (from C$2.12-2.27 billion) with uranium revenue now expected at C$1.83-1.92 billion (up from $1.73 to $1.82 billion previously). ).
  • The Company expects 2023 uranium production of 20.3 million pounds and an average realized price of $61.70/lb (up from $58.90/lb previously).
  • “Our recent order to supply new markets in Eastern Europe clearly shows our customers’ desire for diversification. These are markets where we have not been able to compete before. With these agreements, we now have contractual commitments of approximately 215 million pounds of uranium and over 70 million kgU of UF6 conversion services with deliveries spanning more than a decade. Many of these contracts include market-based pricing mechanisms that give us access to an improving market,” said Tim Gitzel, President and CEO.
  • price action: CCJ shares trade up 2.44% at $27.26 on the latest check Friday.



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