Cameco Corporation announced its consolidated financial and operating results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, revenue increased to $1,183 million from $844 million in Q4 2023, with net earnings attributable to equity holders rising to $135 million, or $0.31 per diluted share, from $80 million or $0.18 per share in the prior year. Adjusted net earnings were $157 million, up from $108 million.
Full-year 2024 revenue reached $3,136 million, up from $2,588 million in 2023. Adjusted EBITDA significantly improved to $1,531 million for the year, compared to $884 million in 2023. Net earnings for the full year were $172 million, or $0.40 per diluted share, lower than 2023 primarily due to purchase accounting impacts related to the Westinghouse acquisition.
Uranium production for the full year increased 33% to 23.4 million pounds, exceeding the company's guidance of up to 23.1 million pounds. Cameco's long-term uranium contract portfolio now totals approximately 220 million pounds, and fuel services contracted volumes are around 85 million kgU of UF6.
The company fully repaid the $600 million term loan used for the Westinghouse acquisition by January 2025 and received its first cash distribution of $49 million (US) from Westinghouse in February 2025. Cameco expects strong financial performance to continue in 2025, driven by supportive market conditions and benefits from the Westinghouse investment.
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