Uranium processor USEC Inc. said Tuesday its first-quarter profit fell because of expected declines in processing volumes and a one-time gain a last year.
Net income for the three months ended March 31 dropped to $4.4 million, or 4 cents per share, compared with $39.3 million, or 45 cents per share, during the same period a year earlier. Last year's figure included a $16.9 million gain.
Analysts predicted the company would earn 8 cents per share, on average, according to Thomson Financial.
Revenue fell to $343.3 million from $465 million a year prior.
Revenue from separative work units, which measures the amount of uranium processed, fell to $245.1 million from $405 million a year earlier.
"As USEC investors are aware, our quarterly results reflect the timing of the refueling of our customers' reactors and can vary widely from quarter to quarter," John K. Welch, president and chief executive, said in a statement.
The company reiterated its full-year profit forecast of $25 million to $45 million.
USEC shares dropped 48 cents, or 9.4 percent, to $4.61 in after-hours trading, after ending the regular session flat.
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