Smart Trade Insights
  • Business
  • Economy
  • Investing
  • Politics
Top Posts
Grande Portage Stakes Added Claims to Accommodate Potential...
Alvopetro Announces an Operational Update, Q1 2025 Financial...
Cosmic Clue: Magnetar Flares May Forge Gold, Platinum...
Gold Price Dips, Markets Stay Flat as Fed...
Significant intercepts of gold and copper show Golden...
Results of Channel Sampling Program at Halleck Creek
High Grade Results Continue in Sandstone Drilling
Lundin Mining Declares Filo del Sol a “Generational”...
Crypto Market Recap: New Hampshire Launches First State...
SAGA Metals Extends Claims at the Radar Ti-V-Fe...
  • Business
  • Economy
  • Investing
  • Politics

Smart Trade Insights

Investing

Cameco Raises 2024 Uranium Production Guidance, Boosts Dividend in Q3 Results

by admin November 11, 2024
November 11, 2024
Cameco Raises 2024 Uranium Production Guidance, Boosts Dividend in Q3 Results

Major uranium producer Cameco (TSX:CCO,NYSE:CCJ) shared its third quarter results on Thursday (November 7), reporting a strong performance despite production setbacks at its Kazakhstan operations.

The company reported uranium production of 4.3 million pounds, up 43 percent from the year-ago period. Sales volumes came in at 7.3 million pounds, relatively flat from 7 million pounds in Q3 2023.

Revenue stood at $721 million, a 75 percent increase year-on-year. Cameco’s net earnings attributable to shareholders were $7 million, a decrease of 95 percent from the $148 million seen 12 months ago.

‘Third quarter results reflect normal quarterly variations in sales volumes, as well as delayed sales for Joint Venture Inkai due to continued transportation challenges, and the ongoing impact of purchase accounting for Westinghouse,’ Cameco said. The company owns Inkai in a partnership with top uranium miner Kazatomprom (LSE:KAP,OTC Pink:NATKY).

Explaining Inkai’s status, the company said that while its Q3 output was similar to last year, its production for the first nine months of 2024 came in lower versus the same period in 2023. This was the result of differences in the annual mine plan, along with a shift in the acidification schedule for new wellfields and unstable sulfuric acid supply.

Inkai’s maximum 2024 output is now estimated at around 7.7 million pounds on a 100 percent basis. The previous target was 8.3 million pounds, and was contingent on access to sufficient amounts of sulfuric acid.

Despite the challenges at Inkai, Cameco is boosting its 2024 production guidance to 23.1 million pounds due to strong output at its McArthur River/Key Lake operation. Its previous forecast was 22.4 million pounds.

Given its performance, Cameco has declared an annual dividend increase, setting its 2024 dividend at $0.16 per common share. It will be payable on December 13, 2024, to shareholders of record as of November 27, 2024.

Tim Gitzel, Cameco’s president and CEO, said the firm’s board is also considering a growth plan that could see the dividend rise to $0.24 per common share by 2026, doubling the amount from 2023.

He added that Cameco has been cautious in committing output from its tier-one assets under long-term agreements, positioning it to capture potential price increases over time. The company continues to selectively manage its uranium and UF6 conversion capacity contracts, favoring long-term commitments with deliveries planned over a decade.

Cameco also notes that it incurred a net loss of $57 million for its share of the Westinghouse operation in Q3, higher than Q2’s net loss of $47 million. It expects to see improvements in Q4 due to seasonal variations in Westinghouse’s customer demand and favorable industry conditions, such as rising governmental and public support for nuclear energy.

Looking forward, Cameco aims to advance its dividend growth plan and remains focused on selective long-term contracting to maximize profitability in an environment of rising demand for nuclear power.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Nvidia Stock Rises with DJIA Inclusion & AI Driving Growth
next post
Pan American Silver Releases Quarterly Results, Gets Canada’s Approval for La Arena Sale

You may also like

Silver Tiger Announces PFS With NPV of US$222M...

November 1, 2024

Ontario Premier Pushes to Fast Track Mining as...

March 11, 2025

NorthStar Gaming to Host Q3 Earnings Webinar on...

November 21, 2024

Trillion Energy Initiates Velocity String Program

October 5, 2024

Suki Secures US$70M to Drive AI-Assisted Healthcare Solutions

October 12, 2024

Potash Fertilizers: What’s the Difference Between SOP and...

January 24, 2025

A Major New Play is Being Proven in...

October 17, 2024

Radisson Announces Fully Subscribed C$7 Million Private Placement

April 23, 2025

Hempalta Corp. Announces Financial Results for Year Ended...

December 20, 2024

Quantum Biopharma Announces Completion of the Phase 1...

February 27, 2025

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Grande Portage Stakes Added Claims to Accommodate Potential Surface Facilities at the New Amalga Gold Project

      May 8, 2025
    • Alvopetro Announces an Operational Update, Q1 2025 Financial Results and Details for our Upcoming AGM

      May 8, 2025
    • Cosmic Clue: Magnetar Flares May Forge Gold, Platinum and Uranium in Deep Space

      May 8, 2025
    • Gold Price Dips, Markets Stay Flat as Fed Leaves Rates Unchanged​

      May 8, 2025
    • Significant intercepts of gold and copper show Golden Eye emerging as a highly promising new resource prospect

      May 8, 2025
    Promotion Image

    banner ads

    Categories

    • Business (650)
    • Economy (829)
    • Investing (1,933)
    • Politics (737)
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: smarttradeinsights.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 smarttradeinsights.com | All Rights Reserved