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The Zacks Consensus Estimate for the third-quarter bottom line is pegged at a loss of 3 cents per share, indicating an improvement from the loss of 11 cents reported in the prior-year quarter. Over the past 7 days, the estimate has gone down from earnings of 2 cents per share to the current expected loss of 3 cents per share.
Q2 Performance
Cameco Corp had reported earnings per share of 14 cents in the second quarter of 2022 that marked a turnaround from the loss of 8 cents in the comparable period last year. The company also beat the Zacks Consensus Estimate. CCJ has a trailing four-quarter earnings surprise of 264.6%, on average.
Cameco Corp had earlier announced that it expects deliveries in the uranium segment for the third quarter between 5 million and 5.5 million pounds. The company reported uranium sales of 6.7 million pounds in the third quarter of 2021. Production in the uranium segment for the third quarter of 2022 is expected to be 2 million pounds (CCJ’s share) from Cigar Lake.
For the fuel services segment, the company projected deliveries between 2.1 million and 2.4 million kilograms of uranium (“kgU”). The segment’s production is expected to be around 1.5 million kgU.
Uranium prices have gained through the third quarter of 2022 fueled by supply concerns. Average uranium spot prices in the quarter were around $49.1 per pound, up 35% year over year. The company’s results will likely benefit from the higher average realized prices in both uranium and fuel services sales in the third quarter of 2022.
Cameco Corp has been progressing on its endeavors to lower administration, exploration as well as operating costs, and capital expenditures. The company has been carrying out critical automation, digitization and other projects, executing maintenance readiness checks, and attaining sufficient recruitment and training to transition McArthur River/Key Lake from care and maintenance to its planned production capacity.
Till then, it anticipates incurring operational readiness costs between $15 million and $17 million per month, which will boost its cost of sales. This might have impacted the company’s margins in the to-be-reported quarter.
What the Zacks Model Unveils
Our proven model doesn’t conclusively predict an earnings beat for Cameco Corp this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for Cameco Corp is 0.00%.
Zacks Rank: Cameco Corp currently carries a Zacks Rank of 2.
Price Performance
Image Source: Zacks Investment Research
Shares of Cameco Corp have declined 15.1% over the past year, against the industry’s decline of 20.5%.
Stocks Poised to Beat Estimates
Here are some Basic Materials stocks, which, according to our model, have the right combination of elements to post an earnings beat in their upcoming releases.
Albemarle Corporation (ALB - Free Report) , scheduled to release earnings on Nov 2, has an Earnings ESP of +8.13% and sports a Zacks Rank #1.
The consensus estimate for Albemarle’s third-quarter earnings has been revised 9% upward in the past 60 days. The Zacks Consensus Estimate for ALB’s earnings for the quarter is pegged at $6.81.
Koppers Holdings Inc. (KOP - Free Report) , expected to release earnings on Nov 3, has an Earnings ESP of +2.28% and carries a Zacks Rank #2.
The Zacks Consensus Estimate for Koppers’ third-quarter earnings has been revised 2.6% upward in the past 60 days. The consensus estimate for KOP’s earnings for the quarter is currently pegged at $1.17.
FMC Corporation (FMC - Free Report) , scheduled to release earnings on Nov 1, has an Earnings ESP of +0.30%.
The Zacks Consensus Estimate for FMC's earnings for the third quarter is currently pegged at $1.11. FMC currently carries a Zacks Rank #3.
Image: Bigstock
Cameco Corp (CCJ) to Report Q3 Earnings: What to Expect
Cameco Corporation (CCJ - Free Report) is scheduled to report third-quarter 2022 results on Oct 27, before the opening bell.
Q3 Estimates
The Zacks Consensus Estimate for the third-quarter bottom line is pegged at a loss of 3 cents per share, indicating an improvement from the loss of 11 cents reported in the prior-year quarter. Over the past 7 days, the estimate has gone down from earnings of 2 cents per share to the current expected loss of 3 cents per share.
Q2 Performance
Cameco Corp had reported earnings per share of 14 cents in the second quarter of 2022 that marked a turnaround from the loss of 8 cents in the comparable period last year. The company also beat the Zacks Consensus Estimate. CCJ has a trailing four-quarter earnings surprise of 264.6%, on average.
Cameco Corporation Price and EPS Surprise
Cameco Corporation price-eps-surprise | Cameco Corporation Quote
Factors to Note
Cameco Corp had earlier announced that it expects deliveries in the uranium segment for the third quarter between 5 million and 5.5 million pounds. The company reported uranium sales of 6.7 million pounds in the third quarter of 2021. Production in the uranium segment for the third quarter of 2022 is expected to be 2 million pounds (CCJ’s share) from Cigar Lake.
For the fuel services segment, the company projected deliveries between 2.1 million and 2.4 million kilograms of uranium (“kgU”). The segment’s production is expected to be around 1.5 million kgU.
Uranium prices have gained through the third quarter of 2022 fueled by supply concerns. Average uranium spot prices in the quarter were around $49.1 per pound, up 35% year over year. The company’s results will likely benefit from the higher average realized prices in both uranium and fuel services sales in the third quarter of 2022.
Cameco Corp has been progressing on its endeavors to lower administration, exploration as well as operating costs, and capital expenditures. The company has been carrying out critical automation, digitization and other projects, executing maintenance readiness checks, and attaining sufficient recruitment and training to transition McArthur River/Key Lake from care and maintenance to its planned production capacity.
Till then, it anticipates incurring operational readiness costs between $15 million and $17 million per month, which will boost its cost of sales. This might have impacted the company’s margins in the to-be-reported quarter.
What the Zacks Model Unveils
Our proven model doesn’t conclusively predict an earnings beat for Cameco Corp this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for Cameco Corp is 0.00%.
Zacks Rank: Cameco Corp currently carries a Zacks Rank of 2.
Price Performance
Image Source: Zacks Investment Research
Shares of Cameco Corp have declined 15.1% over the past year, against the industry’s decline of 20.5%.
Stocks Poised to Beat Estimates
Here are some Basic Materials stocks, which, according to our model, have the right combination of elements to post an earnings beat in their upcoming releases.
Albemarle Corporation (ALB - Free Report) , scheduled to release earnings on Nov 2, has an Earnings ESP of +8.13% and sports a Zacks Rank #1.
The consensus estimate for Albemarle’s third-quarter earnings has been revised 9% upward in the past 60 days. The Zacks Consensus Estimate for ALB’s earnings for the quarter is pegged at $6.81.
Koppers Holdings Inc. (KOP - Free Report) , expected to release earnings on Nov 3, has an Earnings ESP of +2.28% and carries a Zacks Rank #2.
The Zacks Consensus Estimate for Koppers’ third-quarter earnings has been revised 2.6% upward in the past 60 days. The consensus estimate for KOP’s earnings for the quarter is currently pegged at $1.17.
FMC Corporation (FMC - Free Report) , scheduled to release earnings on Nov 1, has an Earnings ESP of +0.30%.
The Zacks Consensus Estimate for FMC's earnings for the third quarter is currently pegged at $1.11. FMC currently carries a Zacks Rank #3.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.