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Uranium Energy (UEC) Q2 Earnings Meet Mark, Revenues Down Y/Y
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Uranium Energy (UEC - Free Report) reported second-quarter fiscal 2024 adjusted earnings per share of 1 cent, which was in line with the Zacks Consensus Estimate. The bottom line marked a 67% plunge from the earnings per share of 3 cents in the year-ago quarter.
Uranium Energy’s revenues were $0.12 million in the quarter under review, down 100% from $47.9 million in the year-ago quarter. Revenues from the quarter only reflected revenues from toll processing services, as the company did not sell any of its purchased uranium inventory. Sales of uranium inventory generated revenues of $47.8 million in the year-ago quarter, and revenues from toll processing services were $0.09 million.
The cost of sales slumped 99.7% year over year to $0.1 million. The gross profit was $0.019 million, down 99.9% from the year-ago quarter. The gross margin was 16.4% compared with the year-ago quarter’s 30.4%.
Uranium Energy Corp. Price, Consensus and EPS Surprise
Mineral property expenditures in the quarter under review were around $6.7 million compared with $4.1 million in the second quarter of fiscal 2023. General and administrative expenses were $4.9 million, up 1.4% year over year. Total operating expenses rose 28% year over year to $12.1 million.
Uranium Energy reported an operating loss of $12 million against an operating profit of $5.1 million in the second quarter of fiscal 2023. No uranium concentrate was extracted at the company’s mines and processed at the Hobson and the Irigaray Processing Facilities during the quarter under review.
So far, in fiscal 2024, the company continued per its strategic plan to operate Palangana Mine and Christensen Ranch Mines at a reduced pace. It intends to defer major pre-extraction expenditures and maintain a state of operational readiness in anticipation of a recovery in uranium prices.
Cash Position
Cash from operating activities in the six months ended Jan 31, 2024, was an inflow of $81.4 million compared with an inflow of $53.6 million in the comparable period in the prior fiscal.
The company had $82 million of cash and cash equivalents as of Jan 31, 2024, higher than $45.6 million as of Jul 31, 2023. UEC had a working capital of around $128 million and purchased uranium inventories for $63 million in the quarter. As of Jan 31, 2024, the company held 1,166, 000 pounds of purchased uranium concentrate inventory.
Price Performance
Shares of Uranium Energy have gained 99.4% in a year compared with the industry’s 0.9% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
UEC currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the basic materials space are Carpenter Technology Corporation (CRS - Free Report) , Ecolab Inc. (ECL - Free Report) and Alpha Metallurgical Resources, Inc. (AMR - Free Report) . CRS currently sports a Zacks Rank #1 (Strong Buy), while ECL and AMR currently carry a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 41.7% in a year.
Alpha Metallurgical Resources has an average trailing four-quarter earnings surprise of 9.6%. The Zacks Consensus Estimate for AMR’s 2024 earnings is pegged at $43.05 per share. Earnings estimates have moved 48% north in the past 60 days. AMR shares have rallied 99.9% in a year.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $3.96 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 44.6% in a year.
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Uranium Energy (UEC) Q2 Earnings Meet Mark, Revenues Down Y/Y
Uranium Energy (UEC - Free Report) reported second-quarter fiscal 2024 adjusted earnings per share of 1 cent, which was in line with the Zacks Consensus Estimate. The bottom line marked a 67% plunge from the earnings per share of 3 cents in the year-ago quarter.
Uranium Energy’s revenues were $0.12 million in the quarter under review, down 100% from $47.9 million in the year-ago quarter. Revenues from the quarter only reflected revenues from toll processing services, as the company did not sell any of its purchased uranium inventory. Sales of uranium inventory generated revenues of $47.8 million in the year-ago quarter, and revenues from toll processing services were $0.09 million.
The cost of sales slumped 99.7% year over year to $0.1 million. The gross profit was $0.019 million, down 99.9% from the year-ago quarter. The gross margin was 16.4% compared with the year-ago quarter’s 30.4%.
Uranium Energy Corp. Price, Consensus and EPS Surprise
Uranium Energy Corp. price-consensus-eps-surprise-chart | Uranium Energy Corp. Quote
Mineral property expenditures in the quarter under review were around $6.7 million compared with $4.1 million in the second quarter of fiscal 2023. General and administrative expenses were $4.9 million, up 1.4% year over year. Total operating expenses rose 28% year over year to $12.1 million.
Uranium Energy reported an operating loss of $12 million against an operating profit of $5.1 million in the second quarter of fiscal 2023.
No uranium concentrate was extracted at the company’s mines and processed at the Hobson and the Irigaray Processing Facilities during the quarter under review.
So far, in fiscal 2024, the company continued per its strategic plan to operate Palangana Mine and Christensen Ranch Mines at a reduced pace. It intends to defer major pre-extraction expenditures and maintain a state of operational readiness in anticipation of a recovery in uranium prices.
Cash Position
Cash from operating activities in the six months ended Jan 31, 2024, was an inflow of $81.4 million compared with an inflow of $53.6 million in the comparable period in the prior fiscal.
The company had $82 million of cash and cash equivalents as of Jan 31, 2024, higher than $45.6 million as of Jul 31, 2023. UEC had a working capital of around $128 million and purchased uranium inventories for $63 million in the quarter. As of Jan 31, 2024, the company held 1,166, 000 pounds of purchased uranium concentrate inventory.
Price Performance
Shares of Uranium Energy have gained 99.4% in a year compared with the industry’s 0.9% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
UEC currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the basic materials space are Carpenter Technology Corporation (CRS - Free Report) , Ecolab Inc. (ECL - Free Report) and Alpha Metallurgical Resources, Inc. (AMR - Free Report) . CRS currently sports a Zacks Rank #1 (Strong Buy), while ECL and AMR currently carry a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 41.7% in a year.
Alpha Metallurgical Resources has an average trailing four-quarter earnings surprise of 9.6%. The Zacks Consensus Estimate for AMR’s 2024 earnings is pegged at $43.05 per share. Earnings estimates have moved 48% north in the past 60 days. AMR shares have rallied 99.9% in a year.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $3.96 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 44.6% in a year.