November 8, 2011 / 3:53 AM / in 6 years

UPDATE 1-Uranium One Q3 profit beats estimates; sees higher 2012 output

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Nov 7 (Reuters) - Uranium One Inc posted a third-quarter profit that beat analysts’ estimates, helped by higher realized prices. The Canadian uranium producer forecast higher 2011 production for the nuclear fuel.

Canada’s No.2 uranium producer expects 2012 production at 11.6 million pounds of uranium. It kept its 2011 output forecast of 10.5 million pounds.

For July-September, net profit was $45.8 million, or 5 cents a share, compared with a net loss of $44.8 million, or 8 cents a share, last year. Revenue more than doubled to $157.7 million.

Excluding one-off items, the company’s earnings of 5 cents a share was above analysts’ estimates of 4 cents a share, according to Thomson Reuters I/B/E/S.

Its bigger peer, Cameco Corp , posted lower-than-expected quarterly earnings and cut its annual production forecast.

Uranium One, which has operations in Kazakhstan, the United States, Australia and Canada, sells most of its uranium on the spot market or on contracts tied to the spot price.

(Reporting by Vaishnavi Bala in Bangalore; Editing by Matt Driskill)

vaishnavi.bala@thomsonreuters.com within U.S. +1 646 223 8780 outside U.S. +91 80 4135 5800 Reuters Messaging:vaishnavi.bala.reuters.com@reuters.net

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