Cameco reports Q3 loss of $13M as revenue drops

Uranium miner Cameco Corp. says it swung to a $13 million loss in the third quarter, as revenue dropped 38 per cent from the comparable period last year.

The Saskatoon-based company says the loss for the quarter ending Sept. 30 worked out to three cents per share, compared with earnings of $28 million or seven cents per share for the same quarter last year.

Cameco had an adjusted net loss of $2 million, or a penny per share, compared with earnings of $15 million or four cents per share last year.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Sign up for weekly money newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Revenue came in at $303 million, down from $488 million a year earlier.

Analysts had expected a net income of $15.1 million, or one cent, and revenue of $498.5 million.

The company boosted its revenue outlook for the year by $40 million to between $1.77 billion and $1.92 billion.

1:47 Cameco says tax court rules in its favour in dispute with CRA