The company recorded revenue of C$634 million in the quarter, an 8% drop compared to last year’s three-month period, although gross profit grew 12% to C$187 million.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 53% to C$345 million.
However, that was 20% under the estimates of BMO Capital Markets, said uranium analyst Alexander Pearce in a note on Tuesday. Pearce cited weaker than expected results in Cameco’s uranium and fuel services segments, and in the Westinghouse EBITDA.
“The main reason appears to be on sales timing, rather than realized pricing/costs,” Pearce said. “While the (revenue) is disappointing, with no changes to guidance, the differences could largely smooth out through the remainder of the year.”
The company’s mixed bag of quarterly results covers a period when uranium spot prices reached levels not seen in nearly 17 years, with prices rising above $100 per…
