SASKATOON - Cameco Corp. beat expectations even as the uranium miner reported that is net income attributable to common shareholders decreased 39 per cent to $80 million in the fourth quarter due to the impact of COVID-19.

The Saskatoon-based company says its profit for the quarter ended Dec. 31 amounted to 20 cents per diluted share, which fell from a profit of 32 cents per diluted share or $128 million a year earlier.

Revenue totalled $550 million, down 37 per cent from $874 million.

On an adjusted basis, Cameco says it had a profit of $48 million, compared with a profit of $94 million from the same time a year earlier.

Cameco had an adjusted profit of 12 cents per diluted share, which fell from a profit of 24 cents per diluted share.

Analysts' on average had expected revenue of $427.5 million and an adjusted net loss of four cents per share for the quarter, according to financial data firm Refinitiv.