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Cameco reports first quarter loss, revenue down from year ago

Tax group puts up billboard that asks Cameco to pay millions in taxes.
Saskatoon-based uranium miner Cameco reported a loss of $18.3 million in the first quarter of 2019. File / Global News

Cameco Corp. said it had an $18.3 million loss in the first quarter, compared with a profit of $57.8 million a year ago.

The Saskatoon-based uranium miner said Wednesday the loss amounted to five cents per share for the quarter ended March 31 compared with a profit of 14 cents per share in the same quarter last year.

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Revenue totalled $297.5 million, down from $439.4 million.

On an adjusted basis, Cameco says it lost $33 million in its recent quarter compared with an adjusted profit of $23 million a year ago.

During the quarter, Cameco sold 4.8 million pounds of uranium, down from 6.6 million pounds a year ago.

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Its average realized price was $42.80 per pound, down from $54.13 in the same quarter last year.

“Our results reflect the outlook we provided for 2019 and the normal quarterly variation in contract deliveries, which are weighted to the second half of the year,” Cameco chief executive Tim Gitzel said.

“2018 ended with a lot of moving pieces, and that hasn’t changed through the first quarter. In fact, a number of pieces have been added. Despite this, we continue to execute on our strategy to add long-term value, doing what we said we would do.”

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Cameco says tax court rules in its favour in dispute with CRA
Cameco says tax court rules in its favour in dispute with CRA