The uranium major’s adjusted net earnings fell 51% to C$56 million, a sharp contrast with the C$115 million it took in during the same quarter last year.
However, that was 20% under the estimates of BMO Capital Markets, said uranium analyst Alexander Pearce in a note on Tuesday. Pearce cited weaker than expected results in Cameco’s uranium and fuel services segments, and in the Westinghouse EBITDA. On the positive side, Pearce noted that production was 12% higher than BMO’s forecast, which he attributed to the 3.5 million lb. of output at the McArthur River mine in Saskatchewan. That was partially offset by lower production at Cigar Lake, which came to 2.3 million pounds.The sales total was 14% under BMO estimates, while Cameco’s realized price of $77.33 per lb. was in line, and cost of sales at $53.95 per lb. was 5% better.
In purchases, Cameco’s 2.6 million lb. was 29% higher than BMO forecasts, including purchases from its Inkai joint venture of 1.1 million pounds. The company holds a 40% stake in the Inkai in-situ recovery mine in Kazakhstan with Kazatomprom .
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