Cameco Corporation - President & CEO Tim Gitzel
President & CEO Tim Gitzel
Source: Cameco Corporation
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  • Cameco (CCO) has announced its financial and operating results for the third quarter of 2021
  • The company reported a net loss of $72 million in the third quarter
  • Cameco continues to advance its sustainability initiatives
  • Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world
  • Shares in Cameco Corporation (CCO) are down 4.39 per cent, trading at $30.07 per share

Cameco (CCO) has announced its financial and operating results for the third quarter of 2021.

The company reported a net loss of $72 million in the third quarter, driven by normal quarterly variations in contract deliveries.

Due to recent supply constraints, the company has updated its 2021 consolidated outlook, including a reduced forecast for fuel production.

Despite challenges, the company ended the third quarter with a strong balance sheet, including $1.4 billion in cash and short-term investments and $1 billion in long-term debt.

Tim Gitzel, President and CEO of Cameco, commented on the results.

“Our third quarter results were as expected and reflect the continued execution of our strategy and the proactive decisions to suspend production to protect the health and safety of our workers, their families and their communities,” he said.

“However,” added Mr. Gitzel, “we are positioning to capture long-term value: to respond to the growing need for uranium to generate safe, clean, reliable, and affordable electricity.”

In October, Cameco released its sixteenth annual ESG report, which addressed some of the recommendations from the Task Force on Climate-Related Financial Disclosures.

“Sustainability is at the heart of what we do,” said Mr. Gitzel. “Embedded in all our decisions is a commitment to addressing the environmental, social and governance risks and opportunities that we believe will make our business sustainable over the long term.”

The company has signed several memorandums of understanding to explore areas of cooperation to advance the commercialization and deployment of small modular reactors in Canada and around the world.

Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world.

Shares in Cameco Corporation (CCO) are down 4.39 per cent, trading at $30.07 per share as of 4:00 pm ET.

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