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Cameco reports Q3 loss of $13M as revenue drops

Revenue for Saskatoon-based Cameco came in at $303 million, down from $488 million a year earlier. File / Global News

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.

READ MORE: Cameco reports $23M net loss in Q2 as uranium market still oversupplied

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.

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

READ MORE: Shares down after Cameco says it is ‘disappointed’ with ruling payout

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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.

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