Cameco Corp. (CCJ) Tops Q1 EPS by 7c, Beats on Revenues

Cameco Corp. (NYSE: CCJ) reported Q1 EPS of $0.06, $0.07 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $439 million versus the consensus estimate of $252.94 million.

“We continue to focus on what we can control,” said president and CEO, Tim Gitzel. “In the first quarter we generated significant cash flow, which is due to our portfolio optimization activities, the benefits of our cost saving measures, and by pulling back on our production lever and drawing down inventory. While our average unit cost of sales was higher than a year ago, this was expected due to the care and maintenance costs incurred while production is suspended at the McArthur River and Key Lake operation.

“Today the market remains quiet. There are a lot of moving pieces, and utilities continue to evaluate the implications of what is perhaps best described as unprecedented noise in the political economy. Things like the possible trade action under section 232 of the Trade Expansion Act, the suspension of US Department of Energy’s excess uranium sales for the remainder of 2018, review of the Russian Suspension Agreement, and a potential Russian ban on all trade with US nuclear power companies. On the demand front, news remains mixed with additional Japanese reactor restarts, new construction announcements in China, India and the Middle East, further potential retirements in the US, and an announced phase out of nuclear power in Belgium.

For earnings history and earnings-related data on Cameco Corp. (CCJ) click here.

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