We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Cameco (CCJ) Lowers 2023 Production Outlook Due to Mine Issues
Read MoreHide Full Article
Cameco Corporation (CCJ - Free Report) announced that it is lowering its 2023 production guidance due to challenges at the Cigar Lake mine and Key Lake mill.
The company expects the Cigar Lake mine to produce up to 16.3 million pounds of uranium concentrate at a 100% basis in 2023. Cameco previously estimated the mine to generate 18 million pounds of uranium.
In the second quarter of 2023, mining operations at the Cigar Lake operation started from a new zone in the orebody (west pod), which affected the mine’s productivity. As mining activities continued in the west pod during the third quarter, equipment reliability challenges occurred which further affected performance.
The mine is set to begin its annual maintenance closure, which will last till the end of September.
The McArthur River/Key Lake operations are expected to produce 14 million pounds of uranium (100% basis) in the year, down from the earlier projected 15 million pounds of uranium.
Even though ramp-up activities are ongoing at the Key Lake mill, its performance is affected by personnel and supply-chain issues.
The McArthur River mine is performing well and is on track to meet its production targets for 2023. The company announced that any ore from McArthur River that is not immediately processed at Key Lake will be retained in inventory for future processing.
In the second quarter of 2023, Cameco reported an adjusted loss of 1 cent per share, missing the Zacks Consensus Estimate of adjusted earnings of 16 cents per share. The company reported earnings per share of 14 cents in the second quarter of 2022.
Net sales were $359 million in the quarter compared with $437 reported in the prior-year quarter.
Price Performance
Shares of Cameco have gained 29.6% over the past year compared with the industry’s growth of 8.8%.
Hawkins has an average trailing four-quarter earnings surprise of 25.5%. The Zacks Consensus Estimate for HWKN’s fiscal 2024 earnings is pegged at $3.40 per share. The consensus estimate for 2024 earnings has moved 38% north in the past 60 days. Its shares gained 35.7% in the last year.
The Zacks Consensus Estimate for PPG Industries’ fiscal 2023 earnings per share is pegged at $7.47, indicating growth of 23.5% from the prior-year actual. Earnings estimates have moved 3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 4.3%. PPG’s shares have gained 9.7% in the past year.
L.B. Foster has an average trailing four-quarter earnings surprise of 134.5%. The Zacks Consensus Estimate for FSTR’s 2023 earnings is pegged at 53 cents per share. Earnings estimates have been unchanged in the past 60 days. FSTR’s shares gained 30.2% in the last year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Cameco (CCJ) Lowers 2023 Production Outlook Due to Mine Issues
Cameco Corporation (CCJ - Free Report) announced that it is lowering its 2023 production guidance due to challenges at the Cigar Lake mine and Key Lake mill.
The company expects the Cigar Lake mine to produce up to 16.3 million pounds of uranium concentrate at a 100% basis in 2023. Cameco previously estimated the mine to generate 18 million pounds of uranium.
In the second quarter of 2023, mining operations at the Cigar Lake operation started from a new zone in the orebody (west pod), which affected the mine’s productivity. As mining activities continued in the west pod during the third quarter, equipment reliability challenges occurred which further affected performance.
The mine is set to begin its annual maintenance closure, which will last till the end of September.
The McArthur River/Key Lake operations are expected to produce 14 million pounds of uranium (100% basis) in the year, down from the earlier projected 15 million pounds of uranium.
Even though ramp-up activities are ongoing at the Key Lake mill, its performance is affected by personnel and supply-chain issues.
The McArthur River mine is performing well and is on track to meet its production targets for 2023. The company announced that any ore from McArthur River that is not immediately processed at Key Lake will be retained in inventory for future processing.
In the second quarter of 2023, Cameco reported an adjusted loss of 1 cent per share, missing the Zacks Consensus Estimate of adjusted earnings of 16 cents per share. The company reported earnings per share of 14 cents in the second quarter of 2022.
Net sales were $359 million in the quarter compared with $437 reported in the prior-year quarter.
Price Performance
Shares of Cameco have gained 29.6% over the past year compared with the industry’s growth of 8.8%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Cameco currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the basic materials space are Hawkins, Inc. (HWKN - Free Report) , PPG Industries, Inc. (PPG - Free Report) and L.B. Foster Company (FSTR - Free Report) . HWKN sports a Zacks Rank #1 (Strong Buy) at present, and PPG and FSTR carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Hawkins has an average trailing four-quarter earnings surprise of 25.5%. The Zacks Consensus Estimate for HWKN’s fiscal 2024 earnings is pegged at $3.40 per share. The consensus estimate for 2024 earnings has moved 38% north in the past 60 days. Its shares gained 35.7% in the last year.
The Zacks Consensus Estimate for PPG Industries’ fiscal 2023 earnings per share is pegged at $7.47, indicating growth of 23.5% from the prior-year actual. Earnings estimates have moved 3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 4.3%. PPG’s shares have gained 9.7% in the past year.
L.B. Foster has an average trailing four-quarter earnings surprise of 134.5%. The Zacks Consensus Estimate for FSTR’s 2023 earnings is pegged at 53 cents per share. Earnings estimates have been unchanged in the past 60 days. FSTR’s shares gained 30.2% in the last year.