Cameco Corp. reported a fourth-quarter profit compared with a loss a year earlier as its revenue rose more than 60 per cent.

The uranium miner says it earned $80 million or 18 cents per diluted share in the quarter ended Dec. 31, compared with a loss of $15 million or four cents per diluted share in the last three months of 2022.

Revenue for the quarter totalled $844 million, up from $524 million a year earlier.

On an adjusted basis, Cameco says it earned a fourth-quarter profit of 21 cents per share compared with an adjusted profit of nine cents per share in the final quarter of 2022.

In its outlook for 2024, Cameco says it expects revenue of $2.85 billion to $3 billion and capital expenditures of $215 million to $250 million for the year.

Production for 2024 is expected to total 22.4 million pounds of uranium.