Newspaper article The Canadian Press

Cameco Reports Second-Quarter Profit and Revenue Up from Year Ago

Newspaper article The Canadian Press

Cameco Reports Second-Quarter Profit and Revenue Up from Year Ago

Article excerpt

Cameco reports Q2 profit and revenue up

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SASKATOON - Uranium miner Cameco (TSX:CCO) reported Thursday a an increase in its second-quarter profit compared with a year ago, helped by increased sales volumes and higher realized prices.

The company said it earned $127 million or 32 cents per diluted share, up from $34 million or nine cents per share a year ago.

Revenue improved to $502 million compared with $421 million in the second quarter of 2013.

On an adjusted basis, the company said it earned $79 million or 20 cents per diluted share, up from $61 million or 15 cents per diluted share a year ago.

Cameco sold 7.4 million pounds of uranium in the quarter as production totalled 4.0 million pounds. That compared with 6.4 million pounds sold and 4.4 million pounds produced in the same quarter last year.

The average realized price was $50.76 per pound, up from $47.35 per pounds a year ago, helped by a weaker Canadian dollar.

In its outlook for the year, Cameco lowered its estimate for uranium production to 22. …

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