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Cameco swings to $13 million loss in third quarter as revenue drops

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Cameco President and Chief Executive Officer Tim Gitzel speaks with media following the company\'s annual general meeting in Saskatoon on May 28, 2014. Uranium miner Cameco Corp. says it swung to a 3 million loss in the third quarter, as revenue dropped 38 per cent from the comparable period last year. The company says the loss for the quarter ending Sept. 30 worked out to three cents per share, compared with earnings of 8 million or seven cents per share for the same quarter last year. THE CANADIAN PRESS/Liam Richards

SASKATOON – Uranium miner Cameco Corp. says it swung to a $13 million loss in the third quarter, as revenue dropped 38 per cent from the comparable period last year.

The company says the loss for the quarter ending Sept. 30 worked out to three cents per share, compared with earnings of $28 million or seven cents per share for the same quarter last year.

Cameco had an adjusted net loss of $2 million, or a penny per share, compared with earnings of $15 million or four cents per share last year.

Revenue came in at $303 million, down from $488 million a year earlier.

Analysts had expected a net income of $15.1 million, or one cent, and revenue of $498.5 million.

The company boosted its revenue outlook for the year by $40 million to between $1.77 billion and $1.92 billion.

This report by The Canadian Press was first published Nov. 1, 2019.

Companies in this story: (TSX:CCO)

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