Canadian uranium miner Cameco (CCO) has reported that its first quarter profit more than doubled from a year earlier.
The Saskatoon-based company, which is the world's largest publicly traded uranium miner, also reported that its revenue rose more than 70% due to higher deliveries and prices.
Cameco said its profit for this year’s first quarter amounted to $119 million or $0.27 per share, up 198% from $40 million or $0.10 a share a year ago.
Revenue in Q1 totalled $687 million, up 73% from $398 million in the first three months of 2022.
Analysts who cover the company had expected a Q1 profit of $0.25 per share, according to Refinitiv data.
Looking ahead, Cameco raised its revenue forecast for all of this year to between $2.22 billion and $2.37 billion compared with previous guidance of between $2.12 billion and $2.27 billion.
Cameco’s stock has gained 14% over the last year to trade at $37.25 per share.
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