Its net loss was C$13 million (US$9.9 million) or 3c per share, compared with earnings of $28 million (US$21.3 million) and 7c respectively a year earlier.

Adjusted net loss was $2 million and 1c per share, with the company saying the results were driven by "normal quarterly variations in contract deliveries and in accordance with our 2019 outlook".

"We are on track to achieve our outlook, and in fact, have increased our revenue outlook for 2019, demonstrating our resilience as we position for a market transition," president and CEO Tim Gitzel said.

 

It increased its consolidated revenue outlook by $40 million to $1.77-$1.92 billion, anticipating a slightly higher realised uranium price and a higher outlook for its fuel services revenue.

It increased its anticipated average realised price from $44.20/lb to $44.70/lb, due to a slightly higher spot price and a more favourable US dollar exchange rate.

"We expect the average realised [uranium] price in the fourth quarter will exceed $47 per pound to achieve the expected annual average realised price," Cameco said.

Its uranium revenue and average realised price were based on the UxC spot price of US$25.65/lb at September 30, a long-term price indicator of $32/lb and an exchange rate of $1 for C$1.32.

At the end of the quarter, it said the average spot market price was US$25.68/lb U3O8, up $1.08/lb from the previous quarter but below the $27.50/lb fetched a year ago.

"We are optimistic about the long-term fundamentals driven by the increasing recognition of the role nuclear must play in ensuring safe, reliable, and affordable low-carbon electricity generation," Gitzel said.

"We have not seen the current level of prospective business in our pipeline since before 2011," the company said in its MD&A, referring to the plunge in market conditions following the Fukushima nuclear disaster 8.5 years ago.

Cameco ended the quarter with $864 million in cash and short-term investments and retired $500 million in debt, reducing outstanding debt by one-third.

It declared an 8c dividend.

Cameco closed 2.8% higher on Friday at $12.09 to capitalise it at $4.8 billion (US$3.6 billion).

Its share price is down 22% year-to-date.