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Dec 31, 2024
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Cameco Q4 2024 Earnings Report
Cameco reported strong Q4 2024 results, driven by uranium and Westinghouse segment performance.
Key Takeaways
Cameco achieved solid financial performance in Q4 2024, with strong contributions from its uranium and Westinghouse segments. The company reported an increase in revenue and adjusted earnings, reflecting improved market conditions. Cash flow generation remained strong, and the company maintained a disciplined approach to contracting and financial management.
Q4 2024 revenue increased by 40% year-over-year to CAD 1.183 billion.
Net earnings for Q4 2024 reached CAD 135 million, up from CAD 80 million in Q4 2023.
Adjusted EPS improved to CAD 0.36 from CAD 0.25 in the prior-year quarter.
Record uranium production at McArthur River/Key Lake, with 20.3 million pounds packaged in 2024.
Cameco
Cameco
Cameco Revenue by Segment
Revenue by Segment
Uranium Revenue
CapyFin.comFuel Services Revenue
CapyFin.com Forward Guidance
Cameco expects continued strong financial performance in 2025, driven by uranium market conditions and Westinghouse segment growth. The company plans to maintain disciplined capital allocation and operational flexibility to support long-term strategic growth.
Positive Outlook
- Expected strong uranium demand supporting pricing and contracting.
- Westinghouse segment positioned for long-term growth with new projects.
- Strong balance sheet with significant cash reserves and liquidity.
- Ongoing operational optimizations expected to enhance efficiency.
- Increased dividend reflecting confidence in future earnings.
Challenges Ahead
- Potential supply chain disruptions impacting uranium production.
- Macroeconomic uncertainty affecting investment and contracting decisions.
- Regulatory risks related to nuclear fuel and uranium mining operations.
- Higher production costs could pressure margins in 2025.
- Uncertainty regarding future production levels at JV Inkai due to supply chain issues.
Revenue & Expenses
Visualization of income flow from segment revenue to net income