The Conversation (0)
Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the first quarter ended March 31, 2017 in accordance with International Financial Reporting Standards (IFRS). “There were several first-quarter developments that generated both positive and negative sentiment in our market” said president and CEO, Tim Gitzel. “However, on balance, our cautious …
Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the first quarter ended March 31, 2017 in accordance with International Financial Reporting Standards (IFRS).
“There were several first-quarter developments that generated both positive and negative sentiment in our market” said president and CEO, Tim Gitzel. “However, on balance, our cautious optimism remains unchanged and in the near term, we will continue to evaluate all of our supply sources in light of an unsustainably weak price environment.”
Summary of first quarter results and developments:
- Net losses of $18 million; adjusted net losses of $29 million: Severance costs related to strategic changes, the TEPCO contract termination, continued market and price weakness, and strengthening of the Canadian dollar impacted our first quarter results in 2017 compared to 2016.
- Maintaining annual guidance: Our 2017 financial outlook and production expectations remained unchanged after the first quarter.
- Average realized price weighted to fourth quarter: In the second and third quarters, we expect the pricing on deliveries in our uranium segment to yield results similar to the first quarter, with a higher average realized price expected on deliveries in the fourth quarter; our expected 2017 annual average realized price remains unchanged at $49.00 per pound.
- Strategic focus starting to positively impact results: Our results reflect significant decreases in direct administration costs and cash production costs compared to last year; we continue to focus on lowering our costs and improving efficiency.