Quarterly trends
| Highlights ($ millions except per share amounts) |
2011 | 2010 | ||||||
|---|---|---|---|---|---|---|---|---|
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Revenue | 977 | 527 | 426 | 454 | 673 | 419 | 546 | 486 |
| Net earnings | 265 | 39 | 55 | 91 | 206 | 97 | 70 | 143 |
| $ per common share (basic) | 0.67 | 0.10 | 0.14 | 0.23 | 0.52 | 0.25 | 0.18 | 0.36 |
| $ per common share (diluted) | 0.67 | 0.10 | 0.14 | 0.23 | 0.52 | 0.25 | 0.18 | 0.36 |
| Adjusted net earnings (non-IFRS) | 249 | 104 | 72 | 84 | 190 | 79 | 116 | 112 |
| $ per common share (adjusted and diluted) | 0.63 | 0.26 | 0.18 | 0.22 | 0.48 | 0.21 | 0.29 | 0.28 |
| Cash provided by operations (after working capital changes) |
255 | 190 | 20 | 267 | 109 | (5) | 271 | 146 |
Key things to note:
- Our financial results are strongly influenced by the performance of our uranium segment, which accounted for 75% of consolidated revenues in the fourth quarter of 2011.
- The timing of customer requirements, which tend to vary from quarter to quarter, drives revenue in the uranium and fuel services segments.
- Net earnings do not trend directly with revenue due to unusual items and transactions that occur from time to time. We use adjusted net earnings, a non-IFRS measure, as a more meaningful way to compare our results from period to period (see Adjusted net earnings (non-IFRS/GAAP measure)) for more information).
- Cash from operations tends to fluctuate as a result of the timing of deliveries and product purchases in our uranium and fuel services segments.
- Quarterly results are not necessarily a good indication of annual results due to the variability in customer requirements noted above.