Cameco Reports Financial Results for Q1 2015

Cameco Corp. (TSX:CCO,NYSE:CCJ) announced its financial results for the first quarter of 2015, which showed a net loss of $9 million compared to net earning of $131 million Q1 2014. The net loss was due to higher mark-to-market losses on foreign exchange derivatives.

As quoted in the press release:

In addition, our 2014 earnings included a gain on the sale of our interest in BPLP of $127 million. On an adjusted basis, our earnings this quarter were $69 million ($0.18 per share diluted) compared to $36 million ($0.09 per share diluted) (non-IFRS measure, see section) in the first quarter of 2014. The change was mainly due to higher earnings from our fuel services and NUKEM segments based on higher sales volumes, partially offset by lower earnings in our uranium segment. In addition, our 2014 adjusted net earnings also included an early termination fee of $18 million incurred as a result of the cancellation of our toll conversion agreement with Springfields Fuels Ltd. (SFL), which was to expire in 2016.

Production volumes this quarter were 11 percent lower compared to the first quarter of 2014, mainly due to lower production at McArthur River/Key Lake and our ISR operations, partially offset by higher production at Rabbit Lake and production from Cigar Lake. See Operations Updates section for more information. Uranium revenues were up 6 percent due to a 1 percent increase in sales volumes and a 4 percent increase in the Canadian dollar average realized price.

Click here for the full Cameco Corp. (TSX:CCO,NYSE:CCJ) press release.