CCJ - Higher prices aid uranium producer Cameco beat Q3 results

October, 27 2022 03:45 PM Cameco Corporation

The world's largest publicly-listed uranium company Cameco ( NYSE: CCJ ) on Thursday reported results beat as the company benefitted from higher prices that undermined sales volume weakness in its operating segments.
CCJ posted Q3 Non-GAAP EPS of $0.03 beating consensus by 4 cents, and revenue of $389M topped estimates by $116.84M.
Uranium production volume remained flat at 2M lbs, while sales plunged 21% to 5.3M lbs. Fall in sales volume was counteracted by 44% rise in average realized prices, at $46.30 per pound of uranium during quarter ended Sept. 30 2022.
The uranium segment contributed a lion share of $313M in revenues (+16% Y/Y).
In its fuel services unit - average realized price was C$33.43 per kilo of uranium (+27 Y/Y) and revenue of $75M (-6% Y/Y).
CCJ added 50M lbs to long-term uranium contract portfolio YTD.
2022 forecast: Uranium revenue $1.38B - $1.47B, Fuel services revenue $340M - $370M. Capex of $150-$175M.
Uranium sales/delivery volume of 24 to 26M lbs for 2022. Average realized price per pound of uranium expected to be $56.90 and expects to buy 16 - 18M pounds in the uranium segment this year.
Fuel services sales/delivery volume between 10.5 to 11.5 million kilos of uranium for 2022.
Shares -3.5% in late trading session. CCJ up 14.5% this year as of last close.

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