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Q2 2024 Nuclear Energy Earnings Roll In

By Rachael Zisk
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Image: Cameco

It’s that time of year again—nuclear energy companies trading in the public markets have started reporting their earnings for Q2 and H1. So far, Cameco and Kazatomprom have phoned in with results, and we’re here to share the highlights.

Cameco stays the course

The Canadian uranium producer reported last week that it’s on track to meet its projections for the year. Cameco is producing significantly more A) uranium and B) revenue this year than it was the year before.

“With full-cycle support emerging for nuclear energy, reinforced by positive public opinion, promising policy decisions, and market-based solutions, we believe we are in the unique position of utilizing that experience and understanding to provide reliable sources of supply to meet the durable, long-term demand emerging across the fuel cycle,” CEO Tim Gitzel said in a release.

The results, by the numbers:

  • Consolidated revenue of $598M CAD ($432M), up 24% YoY
  • Net earnings of $36M CAD ($26M)
  • $362M CAD ($262M) in cash and cash equivalents

Higher market prices for uranium this year have driven a lot of Cameco’s revenue gains, the company said. Cameco’s contractual commitments scale up to an average of 29M lbs of uranium per year through 2028. 

The market reaction to the results was negative, and $CCJ is trading down ~16% over the last five days.

Kazatomprom kicks it up a notch

Business is booming for the world’s largest uranium producer, which readjusted its guidance for the year to account for higher-than-expected mining output. The Kazakhstan-based company raised year-end production guidance to 22.5M–23.5M metric tons of uranium, up from earlier estimates of 21M–22.5M metric tons.

Higher uranium spot prices also contributed to Kazatomprom’s financial success this past quarter. Spot prices are sitting at ~$84 per pound—down from $100+ highs earlier this year but still a significant increase from 2023.

+ Coming up…It’s going to be a busy week. BWXT, Vistra ($VST), NuScale ($SMR), and Constellation ($CEG) are expected to release their Q2 results later this week, and Oklo ($OKLO) has its call scheduled for next week. We’ll report back with the highlights.

Rachael Zisk
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Lead Reporter of Ignition

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