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UPDATE: Cameco Falls 6%, Slips Under $18 As Q3 Adjusted Earnings Halved On Poor Uranium Sales, Prices

Cameco Corp (CCO.TO) said net earnings attributable to shareholders (net earnings) in the third quarter were $82 million ($0.21 per share diluted) compared to $39 million ($0.10 per share diluted) in the third quarter of 2011. Net earnings were impacted by higher mark-to-market gains on foreign exchange derivative, among other items.

On an adjusted basis, earnings this quarter were $52 million ($0.13 per share diluted) compared to $104 million ($0.26 per share diluted) in the third quarter of 2011 on lower uranium sales and prices. Cameco cut its long-term uranium output target to 36 million pounds a year by 2018, from a previous goal of 40 million pounds.

Revenue fell 23% to $408 million. It boosted its capital spending budget for 2012 to $730 million from $680 million.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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