Cameco shares moved higher after the Saskatoon, Saskatchewan-based uranium fuel provider reported a jump in its first quarter profit and revenue.
Its earnings per share topped expectations of $0.25 per FactSet at $0.27, compared to earnings per share of $0.10 in the year-ago quarter.
The company’s revenue grew 73% year-over-year from $398 million to $687 million.
In a statement, Cameco CEO Tim Gitzel said the company’s results reflected continued support for nuclear power with utilities looking to diversify the origin of their uranium supply amid geopolitical developments.
"We remain in the enviable position of having what we believe are the world’s premier, tier-one assets operating in a stable geopolitical region, and as McArthur River and Key Lake continue to ramp up to planned production, we are returning to our tier-one cost structure," Gitzel said in a statement.
Shares of Cameco had added 2.5% at US$27.28 late morning on Friday.
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