Cameco Q2 Adj. Loss Wider Than Estimates, But Revenues Beat View

(RTTNews) - Uranium producer Cameco Corp. (CCJ, CCO.TO) on Wednesday reported attributable net loss for the second quarter that widened to C$53 million or C$0.13 per share from net loss of C$23 million or C$0.06 per share in the year-ago period.

Excluding items, adjusted net loss was C$0.16 per share, compared to adjusted net loss of C$0.04 per share in the prior-year quarter.

However, revenue for the quarter grew 35 percent to C$525 million from C$388 million in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to report loss of C$0.05 per share for the quarter on revenues of C$400.37 million. Analysts' estimates typically exclude special items.

Looking ahead, Cameco said it plans to restart the Cigar Lake mine at the beginning of September. If the company is able to restart and maintain continued operations, it is targeting its share of production for 2020 to be up to 5.3 million pounds in total.

Cameco said its board of directors has appointed Leontine Atkins as a board member effective August 1, 2020. Atkins currently serves as a director on the boards of Seven Generations Energy and Points International, a leading global loyalty ecommerce platform.

She served as a Partner at KPMG Canada from 2006 until early 2019 and was previously a Partner at KPMG Netherlands.