Cameco Earnings Trail Estimates as Uranium Price Falls
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Cameco Corp., the world’s third-largest uranium producer, reported first-quarter profit and revenue that trailed analysts’ estimates after a decline in the price and sales volumes of the nuclear-reactor fuel.
Net income fell to C$9 million ($8.9 million), or 2 cents a share, from C$129 million, or 33 cents, a year earlier, Saskatoon, Saskatchewan-based Cameco said today in a statement. Profit excluding a loss on derivative contracts and other one-time items was 7 cents a share, missing the 8-cent average of 14 estimates compiled by Bloomberg. Sales declined 4.7 percent to C$444 million, less than the C$473 million average estimate.