Cameco posts net earnings of C$119M in Q1 on higher uranium production and prices

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Cameco posts net earnings of C$119M in Q1 on higher uranium production and prices Cameco

- Cameco , one of the largest global producers of uranium fuel, today reported net earnings of C$119 million and adjusted net earnings of C$115 million for Q1 2023, compared to net earnings of C$40 million and adjusted net earnings of C$17 million in Q1 2022.

"In our uranium segment, our average realized price was 11% higher than the same period last year, and in our fuel services segment average realized prices were 9% higher," Cameco added. According to a press release, Q1 2023 production was 4.5 million pounds in Cameco's uranium segment, up 137% from Q1 2022, as production ramp up at McArthur River/Key Lake is progressing well with 3.4 million pounds produced in the first quarter.

The company said that as of March 31, 2022, it had C$2.5 billion in cash and cash equivalents and short-term investments and C$1.0 billion in long-term debt. In addition, Cameco has a C$1 billion undrawn credit facility.

 

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