Uranium miner Cameco reports Q4 profit and revenue up from year ago

Tim Gitzel, president and CEO of Cameco, discusses the company's fourth quarter earnings and its acquisition of Westinghouse.

SASKATOON, Sask. — Cameco Corp. reported its fourth-quarter profit and revenue rose compared with a year ago, helped by higher uranium sales and prices.

The company says it earned a profit attributable to equity holders of $135 million or 31 cents per diluted share for the quarter ended Dec. 31, up from $80 million or 18 cents per diluted share a year earlier.

On an adjusted basis, Cameco says it earned 36 cents per diluted share in its latest quarter, up from an adjusted profit of 25 cents per diluted share a year earlier.

Revenue for the quarter totalled $1.2 billion, up from $844 million a year earlier.

Uranium production totalled 6.1 million pounds for the quarter, up from 5.7 million a year earlier, while sales volumes amounted to 12.8 million pounds, up from 9.8 million pounds. Cameco’s average realized price for uranium was $80.90 per pound, up from $71.65 a year earlier.

Cameco’s fuel services business saw production of 3.6 million kilograms, down from 3.7 million a year earlier, while fuel services sales held steady at 4.2 million kilograms. Fuel services reported an average realized price of $35.41 per kilogram, up from $32.19 in the fourth quarter of 2023.

This report by The Canadian Press was first published Feb. 20, 2025.