Saskatchewan, Canada-based uranium producer Cameco reported Wednesday mixed financial results for the third quarter, ended Sept. 30.
Net earnings for the third quarter were (CAN) $32 million (US $22.6 million), or (CAN) $0.07 a share, up from $24 million (US $17 million), or (CAN) $0.06 a share, in the year-ago quarter.
But the company reported its quarterly revenue was $615 million (US $435.8 million), which was down year-over-year from $721 million (US $511 million).
While Cameco experienced net earnings of $32 million (US $22.6 million) in the third quarter, the company’s stake in Westinghouse saw a net loss of $32 million (US $22.6 million), up from a net loss of $57 million (US $40.3 million) last year.
Over the first nine months of the year, Westinghouse has net earnings of $32 million (US $22.6 million), which is up from a $227 million (US $160.8 million) loss in the same period in 2024.
Cameco, which owns a 49% stake in Westinghouse, said its quarterly results are affected by variability in the timing of Westinghouse’s customer needs, deliveries and outage schedules.
Cameco, Brookfield Management Asset and Westinghouse agreed to a partnership with the United States government in October. The parties agreed to a nuclear construction program using Westinghouse-designed reactors and potentially worth $80 billion (U.S.). The agreement includes a provision where Westinghouse could eventually be spun off as a publicly-traded company.
With Westinghouse’s partnership and improving financial performance, Cameco is accelerating the increase of its dividend to (CAN) $0.24 per common share. The annual dividend will be paid on Dec. 16, Cameco said.