Cameco 2Q Profit Slides, Revenue Down

Dow Jones07-31

Cameco's second-quarter profit and revenue fell largely due to lower equity earnings from its investment in Westinghouse Electric.

The Canadian uranium producer on Friday posted a steep decline in net income to 25 million Canadian dollars ($17.8 million), or C$0.06 a share, down from C$321 million, or C$0.74 a share, in the comparable quarter a year ago.

Cameco said the decline was primarily due to lower equity earnings from its investment in Westinghouse Electric, co-owned with Brookfield Renewable Partners.

Adjusted earnings were C$0.18 a share, missing the C$0.36 a share analysts were expecting, according to FactSet.

Revenue fell 7% to C$814 million, missing forecasts of a less precipitous decline of C$823.3 million.

The company said the quarter's performance reflects typical quarterly variability, but uranium production was impacted by challenging spring road conditions along its northern Saskatchewan supply routes.

The company noted that its annual production outlook remains unchanged.

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