Cameco reports Q3 loss of $124M, trims production forecast

Cameco Corp. (TSX:CCO) is trimming its production outlook due to delays at its Key Lake mine and lower-than-expected production at its Smith Ranch-Highland operation.

The uranium miner said it now expects to produce 24.0 million pounds this year, down from an earlier forecast for 25.2 million pounds.

READ MORE: Cameco settles tax dispute with IRS, reports Q2 loss

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The Saskatoon-based company is also cutting its capital spending guidance to $160 million for the year compared with earlier expectations for $175 million.

The revised outlook came as Cameco said it lost $124 million or 31 cents per share in its latest quarter compared with a profit of $142 million or 36 cents per share a year ago.

On an adjusted basis, the company said it lost $50 million or 13 cents per share for the quarter ended Sept. 30 compared with a profit of $118 million or 30 cents per share in the same quarter last year.

READ MORE: Cameco Q1 $18M loss bigger than expected

Revenue fell to $486 million compared with $670 million.