11:58 AM EDT, 04/30/2024 (MT Newswires) -- Cameco ( CCJ ) was last seen down 7% after the company on Tuesday said it swung to a net loss in the first quarter as revenue fell.

The uranium miner reported a net loss of C$7 million, or C$0.02 per share, swinging from a year-ago profit of C$119 million, or C$0.27 per share. The result missed the S&P Capital IQ GAAP EPS consensus estimate of $0.30.

The company reported an adjusted profit, excluding most one-time items, of C$56 million, or C$0.13, down 51% from C$115 million, or C$0.27, in the year-prior quarter, also missing the consensus estimate for the measure of C$0.33 per share.

Revenue dropped 8% to $634 million.

Cameco ( CCJ ) said its results were driven by normal quarterly variations in contract deliveries in its uranium and fuel services segments, as well as the addition of Westinghouse.

"Financial results are in line with the 2024 outlook we provided, which has not changed, and are as expected, reflecting normal quarterly variability and the required purchase accounting and other non-operational acquisition-related costs for Westinghouse," Cameco ( CCJ ) President and CEO Tim Gitzel said.

Cameco ( CCJ ) reiterated its full-year 2024 revenue guidance of $2.9 billion to $3.0 billion.

The company's shares were last seen down C$4.70 to C$62.83 on the Toronto Stock Exchange.

Price: 63.06, Change: -4.47, Percent Change: -6.62