By midmorning, shares had taken off 4.1% to $20.33.
The Saskatoon-based miner said it earned 38 Canadian cents a share over the quarter, down from 59 Canadian cents a year earlier, while sales totaled C$977 million.
"2013 was a challenging year, but also a year in which Cameco was, again, able to demonstrate resilience and strength," said CEO Tim Gitzel in a statement. "We were able to achieve record production and a number of record financial results, despite the continued uncertainty in the uranium market."
The company said it expects sluggish market conditions to continue through this year. As such, it has backed off from its previous production target of 36 million pounds by 2018.
"Although we still have an extensive portfolio of assets from which we can increase our production, the market incentive must be there," said Gitzel.
TheStreet Ratings team rates CAMECO CORP as a Hold with a ratings score of C. The team has this to say about their recommendation:
"We rate CAMECO CORP (CCJ) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, increase in net income and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and disappointing return on equity."