Cameco shares up after reporting Q3 profit, raising revenue outlook for 2023

Shares in Cameco Corp. rose more than nine per cent after the company raised its revenue outlook for 2023 and reported a profit of $148 million in its latest quarter compared with a loss a year ago.

The uranium miner says the profit amounted to 34 cents per diluted share for the quarter ended Sept. 30, compared with a loss of $20 million or five cents per diluted share a year earlier.

Revenue for the quarter totalled $575 million, up from $389 million in the same quarter last year.

On an adjusted basis, Cameco says it earned 32 cents per diluted share, up from an adjusted profit of three cents per diluted share a year earlier.

In its updated outlook, Cameco says it now expects consolidated revenue between $2.43 billion and $2.58 billion for 2023, up from its earlier expectations for between $2.38 billion and $2.53 billion, primarily driven by higher expected average realized prices under its contract portfolio.

Cameco shares were up $4.85 at $57.21 in early Tuesday trading on the Toronto Stock Exchange.