Cameco Profit Beats Estimates on Higher Uranium Sales
\nBy Christopher Donville<\/p>\n
Aug. 12 (Bloomberg) — Cameco Corp., the world\u2019s second- largest uranium miner, reported second-quarter profit that beat analysts\u2019 estimates because of rising sales volumes of the raw material in nuclear fuel.<\/p>\n
Net income increased 65 percent to C$247 million ($225 million), or 63 cents a share, from C$150 million, or 42 cents, a year earlier, Saskatoon, Saskatchewan-based Cameco said today in a statement. Excluding a C$108 million gain on financial instruments and other one-time items, earnings were 36 cents a share, topping the 25-cent average estimate of 10 analysts surveyed by Bloomberg.<\/p>\n
Chief Executive Officer Jerry Grandey is seeking to expand uranium output from mines in Canada, the U.S. and Kazakhstan amid projections of increasing demand for nuclear energy. Second-quarter uranium sales rose 35 percent to 8.5 million pounds, more than the 6 million expected by Orest Wowkodaw, an analyst at Canaccord Adams Inc. in Toronto.<\/p>\n
\u201cThe market will like these results, especially the increased uranium sales guidance,\u201d Wowkodaw said today in a telephone interview.<\/p>\n
Cameco rose 48 cents, or 1.6 percent, to C$29.86 at 10:07 a.m. in Toronto Stock Exchange trading. The shares gained 40 percent this year through yesterday.<\/p>\n
Sales of uranium oxide this year will be 34 to 36 million pounds, more than a previous forecast of 32 to 34 million, because of new supply commitments, Cameco said.<\/p>\n
Read the article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Cameco Profit Beats Estimates on Higher Uranium Sales By Christopher Donville Aug. 12 (Bloomberg) — Cameco Corp., the world\u2019s second- largest uranium miner, reported second-quarter profit that beat analysts\u2019 estimates because of rising sales volumes of the raw material in nuclear fuel. Net income increased 65 percent to C$247 million ($225 million), or 63 cents … Continue reading “China buying Uranium”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-162","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.australianuranium.com.au\/blog\/wp-json\/wp\/v2\/posts\/162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.australianuranium.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.australianuranium.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.australianuranium.com.au\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.australianuranium.com.au\/blog\/wp-json\/wp\/v2\/comments?post=162"}],"version-history":[{"count":0,"href":"https:\/\/www.australianuranium.com.au\/blog\/wp-json\/wp\/v2\/posts\/162\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.australianuranium.com.au\/blog\/wp-json\/wp\/v2\/media?parent=162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.australianuranium.com.au\/blog\/wp-json\/wp\/v2\/categories?post=162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.australianuranium.com.au\/blog\/wp-json\/wp\/v2\/tags?post=162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}