Uranium producer Cameco reports lower net earnings in Q2, increases 2023 revenue outlook

- Cameco , one of the largest global producers of uranium fuel, today reported net earnings of C$14 million and adjusted net losses of C$3 million in Q2 2023, compared to net earnings of C$84 million and adjusted net earnings of C$72 million in Q2 2022.

"Unrealized losses on our US dollar cash balances, reflected in the C$44 million of reported foreign exchange losses for the quarter, contributed to lower net earnings and adjusted net earnings compared to in the same period of 2022," Cameco added. According to a press release, Q2 2023 production was 4.4 million pounds in Cameco's uranium segment, up 57% from Q2 2022, while in its fuel services segment, Cameco produced 3.4 million kgU, down 8% compared to Q2 2022.

President and CEO Tim Gitzel commented,"Our financial performance, which reflects the expected quarterly variation in our contract deliveries this year, is benefitting from our strategic decisions, with gross profit improving as we transition to our tier-one run rate.

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Cameco hikes outlook despite earnings hit as demand for nuclear energy powers upUranium miner Cameco has raised its revenue outlook as demand for nuclear power grows in the transition away from fossil fuels. Read on
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