Cameco's 3Q profit, revenue more than doubles

Cameco's 3rd-quarter profit, revenue more than doubles on higher volumes, realized prices

Associated Press

NEWS: Cameco's third-quarter net income more than doubled, buoyed by increased volumes and higher realized prices in its uranium and fuel-services divisions.

DETAILS: The Canadian mining company sold more uranium than in the prior-year period, with sales volume climbing to 8.5 million pounds from 5.2 million pounds. The average realized price rose to $50.73 per pound from $45.26 per pound.

In the fuel services unit, sales volume and average realized price both increased 15 percent.

NUMBERS: For the three months ended Sept. 30, Cameco Corp. earned 211 million Canadian dollars ($202 million at current exchange rates), or CA$0.53 per share. A year earlier it earned CA$79 million, or CA$0.20 per share.

Revenue more than doubled to CA$597 million from CA$296 million.

FUTURE: Cameco still expects full-year revenue to be up 30 percent to 35 percent from a year ago.

STOCK: The company's U.S.-traded shares gained 92 cents, or 5 percent, to $19.07 in afternoon trading on Wednesday. The stock is up 9 percent for the year to date.

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