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Cameco earnings jump on uranium, asset sales

Cameco’s uranium sales surged 35% to 6.9 million pounds in the quarter, while its average realized uranium price slipped 4% to $46.60 per pound.

Uranium producer Cameco Corp reported a big jump in quarterly earnings on Tuesday, boosted by higher deliveries and the sale of its interest in Bruce Power Limited Partnership.

For the first quarter, earnings jumped to C$131 million ($118.80 million), or 33 Canadian cents a share, from C$9 million, or 2 Canadian cents in the year-ago quarter. Revenue fell six percent to C$419 million.

Adjusted earnings, excluding the sale of Cameco’s interest in Bruce Power and other items, were C$36 million, or 9 Canadian cents a share, up from C$27 million, or 7 Canadian cents.

Analysts, on average, had expected adjusted earnings of 10 Canadian cents a share on revenue of C$472.77 million, according to Thomson Reuters I/B/E/S.

Cameco said on Jan. 31 it would sell its interest in Bruce Power, a partnership that operates one of the world’s largest nuclear generating facilities in Ontario, for C$450 million.

Cameco’s uranium sales surged 35 percent to 6.9 million pounds in the quarter, while its average realized uranium price slipped 4 percent to $46.60 per pound. In Canadian currency, however, Cameco’s average realized uranium price rose 5 percent to C$50.58, due to the weakening of the Canadian dollar.

($1 = 1.1027 Canadian Dollars) (Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Bernadette Baum)

 

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