UPDATE 1-Cameco profit falls 93 pct on weaker uranium sales

Wed May 1, 2013 8:58am EDT
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May 1 (Reuters) - Cameco Corp , one of the world's biggest uranium producers, reported a 93 percent plunge in quarterly profit on Wednesday as uranium sales fell and prices were weaker, the company said.

Net earnings for the first quarter fell to C$9 million ($8.9 million), or 2 Canadian cents per share, from C$129 million, or 33 Canadian cents per share a year ago.

On an adjusted basis, Cameco earned C$27 million, or 7 Canadian cents per share, down from C$121 million and 31 Canadian cents per share in the year-earlier quarter.

Revenue for the company fell 5 percent to C$444 million.

Analysts were expecting the Saskatoon, Saskatchewan-based company to report earnings per share of 8 cents and revenue of C$474 million.