The Quarter in Brief
Cameco, the Canadian uranium miner and nuclear fuel processor that is also part-owner of the reactor maker Westinghouse, reported its third quarter of 2026, the three months ended September 30, before the market opened on October 30. Cameco reports in Canadian dollars under international accounting rules (IFRS), and every company figure here is in Canadian dollars. Revenue was C$619 million, up 0.7% from C$615 million a year earlier. Net earnings were C$43 million, or C$0.10 per share, against a loss of C$0.1 million a year earlier. On the company's adjusted basis there was a net loss of C$2 million, or C$0.00 per share, against C$0.07.
Analysts had expected more. The average estimate of three analysts surveyed by Zacks Investment Research, as reported by the Associated Press, was 23 US cents of adjusted earnings per share; the AP put the result at less than one cent. Published revenue estimates varied too widely between providers to give one. What set the quarter apart was a planned, longer than usual maintenance shutdown at the Key Lake mill in Saskatchewan. Cameco's share of uranium production fell 20% to 3.5 million pounds, the cost of each pound it produced rose 58%, and gross profit fell 28% even though Cameco was paid more per pound.