Cameco, one of the largest global producers of uranium fuel, reported net earnings of C$148 million in Q3 2023, compared to net losses in the same period last year. The company attributed the positive results to lower unit costs and higher average realized prices. Additionally, Cameco increased its consolidated revenue outlook for 2023 due to improving market fundamentals.
- Cameco , one of the largest global producers of uranium fuel, today reported net earnings of C$148 million and adjusted net earnings of C$137 million in Q3 2023 , compared to net losses of C$20 million and adjusted net earnings of C$10 million in Q3 2022.
Importantly, Cameco noted that with improving market fundamentals, it has increased its consolidated revenue outlook to between C$2.43 billion and C$2.58 billion for 2023 , which is primarily driven by higher expected average realized prices under the company's contract portfolio. As of September 30, 2023, Cameco had commitments requiring delivery of an average of about 29 million pounds per year from 2023 through 2027, an increase from an average of about 28 million pounds per year at the end of June.
The company said its board of directors declared a 2023 annual dividend of C$0.12 per common share, adding that in 2022, the board increased the dividend by 50%"to reflect the expected improvement in our financial performance as we began the transition to our tier-one run rate."
Cameco Uranium Earnings Revenue Q3 2023
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