Cameco, one of the world's largest uranium producers, reported a rise in its first-quarter profit and revenue compared to the same period last year. The Saskatoon-based company attributed the growth to increased uranium sales volumes and higher realized prices.
Financial Highlights
The company posted net earnings of $124 million for the quarter ended March 31, up from $98 million a year earlier. Revenue climbed to $678 million, a 22% increase from $556 million in the previous year.
Adjusted net earnings, which exclude certain one-time items, came in at $132 million, compared to $105 million in the first quarter of 2025.
Operational Performance
Cameco's uranium production reached 8.2 million pounds in the quarter, up from 7.5 million pounds a year ago. The company's Cigar Lake mine in northern Saskatchewan continued to operate at full capacity, contributing significantly to the output.
President and CEO Tim Gitzel said the results reflect strong operational execution and favorable market conditions. "We are seeing increased demand for nuclear power as a clean energy source, which is driving higher uranium prices and supporting our growth," he said in a statement.
Market Outlook
Looking ahead, Cameco expects to maintain its production guidance for the full year, targeting 32 million pounds of uranium. The company also noted that long-term contracts are being signed at higher prices, providing revenue visibility.
Shares of Cameco rose 2.3% on the Toronto Stock Exchange following the earnings release.
