Cameco Releases Q4 and 2012 Financial Results

Cameco (TSX:CCO, NYSE:CCJ) announced its fourth quarter and 2012 financial results, with a $266 million net earnings for the full year. The company has achieved its annual sales targets for the fourth quarter and has exceeded its annual production target.

As quoted in the press release:

We are confident in a positive future for our industry based on its fundamentals. On the demand side, new reactor construction continues in China and there are strong indications that additional plants will be coming back on line in Japan. On the supply side, about 24 million pounds of annual uranium supply will be removed from the market after 2013 with the end of the Russian highly enriched uranium agreement. We are also seeing new mine projects delayed or cancelled due to the prevailing uncertainty in our markets. Cameco remains committed to nuclear energy. We see a great opportunity to grow our business and build value for shareholders and are working to realize it.

Click here to read the full Cameco (TSX:CCO, NYSE:CCJ) press release.