SASKATOON – Cameco Corp. (TSX:CCO) says its net income and adjusted earnings soared in the third quarter, thanks to higher sales volumes and prices at its uranium business as well as lower exploration expenses.
The Saskatoon-based company reports it generated $211 million of net income in the three months ended Sept. 30, up from $79 million a year earlier.
Its third-quarter adjusted earnings quadrupled to $208 million, or 53 cents per share – triple analyst estimates of 17 cents per share.
Cameco says its revenue doubled to $597 million from $296 million, as the average uranium price realized by the company grew by 15 per cent and sales volume jumped 63 per cent to 8.5 million pounds.
Cameco’s president and chief executive, Tim Gitzel, says the company is beginning to see benefits of a restructuring done earlier this year.
“We have adapted to the current challenging market conditions and we continue to pursue a growth plan to take advantage of the opportunity we see in the long term,” Gitzel said in a statement.
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