(Saskatoon) Cameco posted first quarter profit more than twice as high as the same period last year, while revenues climbed more than 70%, supported by higher shipments and average prices realized for both its uranium and fuel activities.

The uranium mining company has also revised upwards its outlook for its entire financial year, and now believes that it is able to achieve a turnover of between 2.22 billion and 2.37 billion, while its forecasts previous ones targeted revenues of between 2.12 billion and 2.27 billion.

Cameco posted earnings of $119 million, or 27 cents per share, for the three months ended March 31, which compares with a profit of $40 million, or 10 cents per share, for the same period a year earlier.

Revenues totaled 687 million, compared to 398 million earned in the first three months of 2022.

On an adjusted basis, Cameco’s earnings per share were 27 cents, compared to adjusted earnings per share of 4 cents in the prior quarter.

Analysts on average had expected earnings of 25 cents per share, according to forecasts compiled by financial data firm Refinitiv.