CCJ
Uranium is doing the heavy lifting
Cameco’s first-quarter numbers came in looking pretty snappy: adjusted EBITDA jumped 44% year over year to CAD 509 million. That’s the kind of move that makes investors sit up a little straighter, especially when the core uranium segment is the engine under the hood.
Not everything was firing at full blast
The good news: uranium strength and gains from Westinghouse gave the quarter some real momentum. The less-glamorous part: weaker fuel services dragged on the story a bit. So this wasn’t a perfect across-the-board victory lap — more like a strong first half with one stubborn passenger still taking up space in the back seat.
Why you should care
For CCJ holders, this is another reminder that Cameco’s earnings power isn’t just about digging up uranium and calling it a day. The company’s mix of uranium and nuclear services can smooth out the ride when one piece softens.
- Uranium pricing strength continues to matter.
- Westinghouse is adding meaningful support.
- Fuel services weakness is a reminder that the whole nuclear ecosystem doesn’t move in lockstep.
Big picture: if uranium stays hot, Cameco can keep looking less like a commodity shrug and more like a leverage play on the nuclear comeback.