Cameco CCO-Tsays its profit tumbled 43 per cent in the third quarter as lower uranium deliveries weakened results.
The Saskatoon-based company said net income was $98-million, or 25 cents per share, a drop from $172-million or 44 cents per share a year earlier.
Adjusted earnings were equal to 20 cents per share, falling just short of average analyst expectations of 21 cents per share according to those polled by Thomson Reuters.
Revenue was down 19 per cent to $419-million from $518-million, on the weaker deliveries.
“As we advised earlier this year, revenues were lower in the third quarter due to the timing of uranium deliveries,” said chief executive officer Jerry Grandey in a release.
“We expect about one third of our uranium sales will be delivered in the fourth quarter.”
Cameco is one of the world's largest uranium producers with mines, mills, conversion plants and exploration projects in Saskatchewan, Ontario, the United States and Australia.
It is also a key partner in the Bruce Power nuclear power plant on the shores of Lake Huron in southwestern Ontario.
Last month, the company's unionized employees its McArthur River and Key Lake uranium operations in Saskatchewan ratified a new four-year labour contract.
The McArthur River mine and the Key Lake mill produce nearly 19 million pounds of uranium concentrate annually.
