Cameco Shares Fall 10% After Lower Nine-Month Earnings, Narrowed Uranium Outlook

Shares of Cameco Corp. (CCJ) fell 9.89%, or $8.26, to $75.23 on Friday after the uranium producer reported lower earnings for the first nine months of 2026 and narrowed its full-year production and sales guidance. The stock, which closed the prior session at $83.49, traded between $73.89 and $76.47 on volume of 5.87 million shares, nearly double its 3.01 million average. Cameco attributed the weaker results to lower equity earnings from its Westinghouse investment, reduced sales volumes and higher average unit costs. Third-quarter revenue edged up to C$619 million from C$615 million, while adjusted EBITDA fell to C$267 million from C$310 million. Nine-month net earnings dropped to C$199 million, or C$0.46 per share, from C$391 million, or C$0.90 per share, a year earlier, with revenue roughly flat at C$2.28 billion. The company now projects uranium production of 19.5 million to 20.5 million pounds, down from its prior 19.5 million-to-21.5-million-pound range. Shares have ranged from $73.89 to $135.24 over the past 52 weeks.