Q3 2024 Cameco Corp Earnings Call Transcript
Key Points
- Cameco Corp (CCJ) reported a trend of improving operational performance in both uranium and fuel services segments, supporting a Tier 1 cost structure and dividend growth.
- The company is well-positioned with nearly $1 billion in adjusted EBITDA for the first nine months, driven by stable and rising market prices.
- Cameco Corp (CCJ) has increased its dividend from $0.12 in 2023 to $0.16 per common share for 2024, with plans to double it to $0.24 by 2026.
- Production at the Key Lake mill exceeded expectations, with an improved outlook of about 19 million pounds, up from 18 million pounds previously.
- The company is seeing significant interest in the tight conversion segment of the fuel cycle, which remains at historic prices higher than anticipated.
- Equity earnings from Westinghouse were impacted by the amortization of intangible assets, affecting the financial performance.
- Long-term contracting through the first nine months of the year remained relatively slow, impacting future supply planning.
- Production at JV Inkai in Kazakhstan is expected to be lower due to ongoing challenges related to sulfuric acid, affecting supply.
- The company had to realign its supply sources due to decreased production expectations at JV Inkai, impacting committed purchases.
- The transportation of uranium from Inkai has been delayed due to the use of the Trans-Caspian corridor, which is less predictable than the traditional Russian route.
(audio in progress) However, we do want to respect everyone's time and conclude the call on time. Therefore, should we not have time to get to your questions during this call or if you would like to get into detailed financial modeling questions about our quarterly results, we will be happy to follow up with you after the call. There are a few ways to contact us with additional questions. You can reach out to the contacts provided in our news release. You can submit a question through the contact tab on our website or you can use the ask a question form at the bottom of the webcast screen, and we'll be happy to follow up with you after this call. If you join the conference call through our website event page, there are slides available, which will be displayed during the call.
In addition, for your reference, our quarterly investor handout is available for download in a PDF on our website at cameco.com. Today's conference call is open to all members of the investment community, including the media. During the Q&A session, please let
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