Cameco misses Q2 earnings estimates despite production growth plans

Cameco reported second-quarter financial results that fell short of analyst expectations. Revenue decreased by approximately 7% year-over-year to $814 million, while adjusted earnings of $77 million per share were significantly lower than the consensus estimate of $0.26 per share.

The decline in earnings was partly attributed to the performance of Westinghouse, in which Cameco holds a 49% stake. Westinghouse's adjusted EBITDA dropped to $163 million from $352 million in the previous year, a decrease influenced by the absence of a one-time project in the Czech Republic that had bolstered prior results.

Despite the quarterly miss, management maintained its full-year guidance. The company aims for revenue between $2.4 billion and $2.6 billion by 2026. CEO Grant Isaac stated that Cameco is prepared to increase production at its McArthur River and Key Lake facilities from the current 10–11.5 million pounds to as much as 25 million pounds of U3O8, depending on market demand. Additionally, production at the Cigar Lake mine has resumed following a temporary interruption.