Cameco Corporation (CCJ), a leading global provider of uranium fuel, saw its shares surge 6.55% in pre-market trading on Thursday following the release of its fourth-quarter and full-year 2024 results. The company reported strong financial performance across all segments, driven by supportive market conditions and the continued benefits from its investment in Westinghouse Electric Company.

For the fourth quarter, Cameco reported adjusted net earnings of $157 million, or $0.36 per share, up from $108 million, or $0.25 per share, in the same period last year. Revenue rose to $1.18 billion from $844 million a year earlier, beating analysts' estimates.

The company's uranium segment delivered particularly strong results, with a 70% increase in adjusted EBITDA to $391 million. Cameco reported a 33% increase in uranium production volume to 23.4 million pounds in 2024, reflecting a return to its tier-one production level. The average realized price for uranium rose 18% year-over-year to $79.70 per pound.

Cameco also highlighted the positive outlook for nuclear energy and nuclear fuel fundamentals, citing growing support for both existing nuclear reactors and new nuclear build. The company expects a renewed focus on ensuring long-term availability of nuclear fuel supplies due to the risks to uranium and nuclear fuel services being greater than the risks to demand.

Looking ahead, Cameco expects strong financial performance and cash flow generation in 2025, driven by the supportive market conditions and the continued benefits from its investment in Westinghouse. The company plans to produce 18 million pounds of uranium at each of its McArthur River/Key Lake and Cigar Lake operations in 2025, while its fuel services segment is expected to produce between 13 million and 14 million kgU.