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Cameco Posts Adj. Profit In Q1, Revenues Rise - Quick Facts

Cameco Corp. (CCJ,CCO.TO), a uranium producer, on Friday reported attributable net loss for the first quarter of $19 million or $0.05 per share, compared to net loss of $18 million or $0.05 per share in the year-ago period.

Excluding items, adjusted net earnings were $0.07 per share, compared to adjusted net loss of $0.08 per share in the prior-year quarter.

Revenue for the quarter grew to $346 million from $298 million in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.01 per share for the quarter on revenues of $252.94 million. Analysts' estimates typically exclude special items.

Cameco said it has suspended production at Cigar Lake for an indeterminate period as a precautionary measure due to the threat posed by COVID-19 to its workforce. The operation is in a safe state of care and maintenance. Orano has also suspended production at its McClean Lake mill.

Cameco noted it has $1.2 billion in cash and short-term investments on its balance sheet and a $1 billion undrawn credit facility, which it does not anticipate it will need to draw on.

Due to the rapidly developing COVID-19 pandemic, on April 13, 2020, Cameco withdrew its 2020 outlook. The company said it does not expect to resume providing outlook information until it has a sufficient basis to do so.

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