Canadian uranium producer Cameco (CCO.TO)(CCJ) boosted its annual dividend for 2024 on Thursday, while announcing a plan to at least double last year's payout by 2026.

Cameco reported third-quarter financial results on Thursday, swinging to a net loss of $3 million due to purchase accounting for its Westinghouse acquisition, and what the company calls "normal variations in sales volumes." Saskatoon-based Cameco's revenue climbed 25 per cent year-over-year to $721 million for the three months ended Sept. 30. Adjusted earnings before interest, taxes, depreciation, and amortization increased 32 per cent on an annualized basis to $308 million.

"Fundamental drivers, things like decarbonization, sustainability, energy security, and growing energy demand all remain solid and unchanged. However, on the other side of that equation, future supply continues to be uncertain," chief executive officer Tim Gitzel said on a post-earnings conference call. "While the long-term uranium price has crept up to its highest level in over a decade, we're still not seeing significant investments in the projects needed to satisfy future demand."

Cameco announced its 2024 annual dividend of $0.16 per common share, payable on Dec. 13 to shareholders of record on Nov. 24., on Thursday. That's up from $0.12 per share in 2023.

"We have recommended to our board of directors a dividend growth plan for consideration," the company stated in a news release. "We expect an annual increase of at least $0.04 per common share over the fiscal periods 2024 through 2026, to achieve a doubling of the 2023 dividend from $0.12 per common share to $0.24 per common share."

Toronto-listed shares climbed as much as three per cent in early trading on Thursday. The stock has gained about 25 per cent year-to-date.

More to follow.