Cameco reports turn to a profit in Q1 compared with loss a year ago

SASKATOON — Uranium miner Cameco Corp. reported a profit in its latest quarter compared with a loss a year ago as it was helped by a restructuring of its Kazakh joint venture and higher uranium prices and sales.

The Saskatoon-based company says it earned $55 million, or 14 cents per share, for the quarter ended March 31 compared with a loss of $14 million, or five cents per share a year ago.

Revenue improved to $439 million compared with $393 million.

Uranium sales in the quarter totalled 6.6 million pounds, up from 5.7 million pounds a year ago, while the average realized price improved to $54.13 per pound compared with $45.51 last year.

The results in the most recent quarter included a $49-million gain related to the restructuring at its Inkai joint venture in Kazakhstan.

On an adjusted basis, which excluded the one-time gain as well as other items, Cameco says it earned $23 million or six cents per share in its most recent quarter compared with a loss of $29 million or seven cents per share a year ago.

Companies in this story: (TSX:CCO)