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Cameco reports $28M third-quarter profit compared with loss a year ago

Last Updated Nov 2, 2018 at 6:00 am PST

Cameco President and Chief Executive Officer Tim Gitzel speaks with media following the company's annual general meeting in Saskatoon, Wednesday, May 28, 2014. Cameco Corp. says it earned $28 million in its latest quarter compared with a loss in the same quarter last year. THE CANADIAN PRESS/Liam Richards

SASKATOON – Cameco Corp. says it earned $28 million in its latest quarter compared with a loss in the same quarter last year.

The uranium miner says the profit amounted to seven cents per share for the quarter ended Sept. 30 compared with a loss of $124 million or 31 cents per share a year ago.

Revenue totalled $488 million, up from $486 million.

On an adjusted basis, Cameco says it earned $15 million or four cents per share for the quarter compared with an adjusted loss of $50 million or 13 cents per share a year ago.

Analysts on average had expected a profit of three cents per share, according to Thomson Reuters Eikon.

Cameco announced an extended shutdown in July of its McArthur River and Key Lake operations that resulted in the permanent layoff of approximately 520 site employees. In addition, the company cut its corporate office workforce by about 150 positions.

Companies in this story: (TSX:CCO)