Cameco’s Q3 revenue is 38 per cent higher but earnings still down for the year
Cameco (TSE:CCO), the world's largest uranium producer, said Q3 earnings were 30% higher at $104 million or 26 cents a share compared to the same quarter last year.
However, losses on foreign exchange derivatives have driven up costs for the year. Net earnings for the first nine months of 2011 were $186 million or 47 cents per share diluted. In 2010 net earnings were $311 million or 79 cents per share. The company also said that lower earnings and higher prices were weighing on all three sets of businesses: electricity business, uranium business and fuel services business.
Cameco's stock opened on Monday 2.66% lower at $21.08 per share.