Cameco Results Crush Estimates; FY Sales Outlook Weak

(RTTNews) - Canadian uranium producer Cameco (CCJ, CCO.TO) On Friday reported fourth-quarter net earnings to equity holders of C$73 million or C$0.18 per share compared with C$64 million or C$0.16 per share last year.

Results were helped by higher uranium prices and lower unit cost of sales, the company said.

Excluding items, the company's adjusted earnings for the quarter were C$0.52 per share compared with C$0.38 per share a year ago.

Meanwhile revenues for the quarter were lower 9% at C$889 million compared with C$977 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of C$0.29 per share on revenues of C$782.2 million for the quarter. Analysts' estimates typically exclude special items.

Average uranium prices for the quarter were up 14% to C$56.78 a pound.

For the full year 2015, the company expects sales to drop by up to 5 percent from the prior year, citing a drop in uranium and fuel services sales volumes. Analysts expect sales growth of 6.4 percent.

The company projects 2015 uranium sales of 31 to 33 million pounds.