Cameco Slips To Loss In Q1 - Quick Facts

(RTTNews) - Canadian uranium producer Cameco (CCJ, CCO.TO) reported that its net loss attributed to equity holders for the first quarter ended March 31, 2015 was C$9 million or C$0.02 per share, compared to net earnings of C$131 million or C$0.33 per share in the first quarter of 2014.

The net loss was primarily due to higher mark-to-market losses on foreign exchange derivatives. In addition, its 2014 earnings included a gain on the sale of its interest in BPLP of C$127 million.

On an adjusted basis, earnings for the quarter were C$69 million or C$0.18 per share, compared to C$36 million or C$0.09 per share in the first quarter of 2014.

The change was mainly due to higher earnings from its fuel services and NUKEM segments based on higher sales volumes, partially offset by lower earnings in its uranium segment. In addition, its 2014 adjusted net earnings also included an early termination fee of C$18 million incurred as a result of the cancellation of its toll conversion agreement with Springfields Fuels Ltd. (SFL), which was to expire in 2016.

Revenue for the quarter increased to C$566 million from C$419 million last year.

2015 outlook for uranium revenue and for fuel services revenue has changed to an increase of up to 5% for each (previously decreases of 5% to 10%, and up to 5% respectively) due to further weakening of the Canadian dollar. As a result consolidated revenue for 2015 is also now expected to increase by up to 5% (previously a decrease of up to 5%).

Analysts polled by Thomson Reuters expected the company to report earnings of C$0.25 per share and revenues of C$562.52 million for the quarter. Analysts' estimates typically exclude special items.

The company announced that its board approved a quarterly dividend of C$0.10 per share on the outstanding common shares of the corporation that is payable on July 15, 2015, to shareholders of record at the close of business on June 30, 2015.