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Cameco's Q1 Adjusted Net Earnings More Than Double YoY

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Cameco (CCO.TO) reported that its first-quarter adjusted net earnings more than doubled year over year on higher sales volumes and improved average realized price of uranium.

Adjusted net earnings were C$203 million, or $0.47 per share, rising from $70 million, or $0.16 per share. The result beat the non-GAAP earnings per share consensus estimate of $0.34 as compiled by FactSet.

Revenue was $845 million, up from $789 million. The result exceeded the sales consensus estimate of $833 million as compiled by FactSet.

Adjusted EBITDA was $509 million, an increase from $353 million.

Uranium production was 6.2 million pounds, up from 6.0 million lb. Uranium sales were 7.8 million lb at an average realized price of $91.26/lb, up from 6.9 million lb at an average realized price of $89.12/lb.

The company maintained its 2026 guidance and said nuclear energy is on track for long-term growth in support of global demand.

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