Uranium miner Cameco reports $7M Q1 loss, revenue down from year ago

SASKATOON — Cameco Corp. reported a loss in its latest quarter as it was hit by charges related to its acquisition of a stake in Westinghouse Electric Co., one of the world's largest nuclear services businesses.

The uranium miner says it's loss attributable to equity holders amounted to $7 million or two cents per diluted share for the quarter ended March 31 compared with a profit of $119 million or 27 cents per diluted share a year earlier.

Revenue totalled $634 million, down from $687 million in the same quarter last year.

On an adjusted basis, Cameco says it earned 13 cents per share in its latest quarter, down from 27 cents per share a year earlier.

Last year, Cameco and Brookfield Renewable Partners closed their deal to buy Westinghouse Electric for US$4.5 billion plus assumed debt.

Under the deal, Brookfield Renewable, with its institutional partners, hold a 51 per cent stake, while Cameco owns 49 per cent.

This report by The Canadian Press was first published April 30, 2024.

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The Canadian Press