UPDATE 1-Cameco profits rise, while uranium sales fall

* Q1 EPS C$0.36 vs C$0.22 a yr-earlier

* Q1 adjusted EPS C$0.28 vs C$0.27 a yr-earlier

TORONTO, May 4 (BestGrowthStock) – Cameco Corp (CCO.TO: ) said on
Tuesday its first-quarter profit (Read more your timing to make a profit.) rose due to a one-time
after-tax gain along with higher profits from its fuel services
and electricity businesses.

Cameco, a top uranium producer, earned C$142 million, or 36
Canadian cents a share, in the quarter ended March 31. That
compared with a profit of C$82 million, or 22 Canadian cents a
share, in the year-before period.

Excluding an after-tax gain of C$31 million for unrealized
mark-to-market gains on financial instruments, the company’s
earnings rose 7.8 percent to C$111 million, or 28 Canadian
cents a share.

Analysts polled by Thomson Reuters I/B/E/S had expected, on
average, a profit of 24 Canadian cents a share, before
exceptional items.

Revenue fell 2 percent to C$485 million, due to lower
uranium sales volumes and lower uranium prices.

Cameco mines uranium primarily from its home province of
Saskatchewan in Western Canada, as well as from Kazakhstan and
the United States.

Its main project is the Cigar Lake deposit in Saskatchewan,
which flooded in 2006 and 2008 while under construction. The
company is targeting initial production from Cigar Lake in
mid-2013.

Cameco has said it expects to produce 21.5 million pounds
of uranium this year. It sees sales of between 31 million and
33 million pounds.

The company expects to raise its annual mined output to
about 40 million pounds by 2018.

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(Reporting by Euan Rocha, editing by Dave Zimmerman)

UPDATE 1-Cameco profits rise, while uranium sales fall