Quarterly Reports - 2010 - Q1

Cameco Corporation (TSX: CCO; NYSE: CCJ) today reported net earnings of $142 million ($0.36 per share diluted) for the first quarter of 2010, compared to $82 million ($0.22 per share diluted) in the first quarter of 2009.

Our net earnings were significantly higher for this quarter, primarily as a result of recording an after-tax gain of $31 million for unrealized mark-to-market gains on financial instruments, compared to a loss of $24 million in the first quarter of 2009.

Adjusted net earnings for the first quarter of 2010 were $111 million ($0.28 per share adjusted and diluted) (see Non-GAAP measures), 8% higher than in the first quarter of 2009. The 8% increase was attributable to:

  • higher profits from our fuel services business due to higher sales volumes and higher production
  • higher profits from our electricity business, relating to higher realized selling prices
  • lower profits in our uranium business due to lower sales volumes and slightly lower Canadian dollar realized prices, which were impacted by a stronger Canadian dollar ($US realized prices increased 15%)

"We are continuing to advance our outstanding portfolio of uranium assets through sound financial management and through continued commitment to operational excellence" said president and CEO Jerry Grandey.

"The long-term fundamentals of the nuclear industry are positive. Cameco is prudently investing today in production growth and new technology to pursue our vision to be a dominant nuclear energy company. Our nuclear focus, financial strength and management capability support our growth plans as we build for the future," said Grandey.