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Canada's Cameco Q3 revenue misses on lower Westinghouse earnings

By Reuters News


Overview

  • Canada uranium producer's Q3 revenue rose 1% yr/yr but missed analyst expectations

  • Company posted C$43 mln net earnings, but reported an adjusted net loss of C$2 mln

  • Results impacted by lower Westinghouse equity earnings, lower sales, and higher costs


Outlook

  • Cameco narrows 2026 uranium production guidance to 19.5-20.5 mln lbs from 19.5-21.5 mln lbs

  • Company narrows 2026 uranium sales/delivery guidance to 29.5-30.5 mln lbs from 29-32 mln lbs

  • Cameco expects strong nuclear industry fundamentals and customer engagement to support long-term outlook


Result Drivers

  • MAINTENANCE OUTAGE - Co said longer planned maintenance outage at Key Lake mill led to lower production volume and higher costs

  • LOWER WESTINGHOUSE EARNINGS - Co said equity earnings from Westinghouse were lower due to absence of prior yr Dukovany project payment

  • INFLATIONARY PRESSURE - Co said inflation continued to affect costs in Q3


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Miss

C$619 mln

C$767.67 mln (5 Analysts)

Q3 EPS

C$0.10

Q3 Adjusted Net Loss

C$2 mln

Q3 Net Income

C$43 mln

Q3 Basic EPS

C$0.10

Q3 Gross Profit

C$122 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 18 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the uranium peer group is "buy"

  • Wall Street's median 12-month price target for Cameco Corporation is C$180.00, about 54.3% above its October 29 closing price of C$116.63

  • The stock recently traded at 51 times the next 12-month earnings vs. a P/E of 69 three months ago


Reuters Recommended Reads

  • Oct 28 - Canada's Kinross Gold Q3 revenue falls on lower production

  • Oct 28 - Canada's Agnico Eagle Q3 adjusted EPS beats on higher realized gold prices

  • Oct 27 - Freeport-McMoRan Q3 revenue rises on higher copper prices


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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