Cameco reported quarterly earnings that were ahead of expectations overnight and talked to a strong backdrop for ongoing strength in the global Uranium market – shares rose 8.06%. Q3 adjusted earnings per share (EPS) of $0.32 compared to $0.03 at the same time last year, driven by higher production (+50%), which has met an environment of higher prices, prompting an upgrade to their full-year revenue forecasts.
The Canadian-based company now expects FY revenue to be in the range of $2.43bn to $2.58bn, about 2.5% ahead of prior guidance; however, operational leverage means that profits will more than double year-on-year in both FY23 and FY24 and continue to grow very strongly from there.
- At MM, we continue to see a supportive backdrop for Uranium companies globally. CCJ US has made some excellent strategic decisions in recent years to position itself to take advantage of these improving market fundamentals.