(Saskatoon) Cameco shares rose nearly 8% in the morning on Tuesday, after the uranium producer revised upwards its outlook for 2023 and posted a profit of 148 million for its most recent quarter, compared to a loss for the same period last year.
The mining company’s profit per share was 34 cents for the third quarter ended September 30, compared with a loss of 20 million, or 5 cents per share, a year earlier.
Quarterly revenues totaled 575 million, compared to 389 million a year ago.
On an adjusted basis, Cameco earned 32 cents per share, up from 3 cents per share in the third quarter of last year.
In its new outlook, Cameco says it now expects consolidated revenues of between 2.43 billion and 2.58 billion for its 2023 financial year, an improvement mainly fueled by a higher than expected realized price in its contract portfolio. Its previous forecasts were instead targeting a turnover of between 2.38 billion and 2.53 billion.
Tuesday morning, Cameco shares rose $4.10, or 7.8%, on the Toronto Stock Exchange, where they were trading at $56.46.
Company in this report: (TSX: CCO)