Cameco Shares Rise on Release of Q3 Results

Reuters reported that Cameco Corp. (TSX:CCO,NYSE:CCJ) today released its financial results for the third quarter of 2013. The uranium miner said that it sold 8.5 million pounds of uranium during that period, a sizeable increase from the 5.2 million pounds it sold in the year-ago quarter. In total, the company now expects to put out 23.1 million pounds of uranium this year, slightly down from an earlier forecast of 23.3 million pounds.

As quoted in the market news:

Net earnings for the third quarter jumped to C$211 million, or 53 Canadian cents per share, from C$79 million, or 20 Canadian cents per share, a year earlier.

Revenue more than doubled to C$597 million.

Adjusted earnings were C$208 million, or 53 Canadian cents per share, up from C$49 million or 12 Canadian cents per share, a year earlier.

Analysts were expecting earnings per share of 17 Canadian cents and revenue of C$564 million.

Shares of Cameco, the world’s No. 3 uranium producer, jumped to $19.21 in New York and C$20.06 in Toronto in early trading.

Click here to read the full Reuters report.