UPDATE 2-Uranium One turns to profit on production, sales

TORONTO, May 11 (Reuters) - Uranium One reported a first-quarter profit on Wednesday, up from a year-ago loss, as the uranium miner boosted production and more than doubled sales volume.

The miner's earnings increased to $14 million, or 1 cent a share. That compared with a loss of $1.4 million, or nil a share, in the same period of 2010.

When adjusted to remove one-time items, earnings were $14.7 million, or 2 cents a share. That compared with an adjusted loss of $10.5 million, or 2 cents a share in the year-ago period.

Analysts, on average, had expected earnings of 5 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose to a quarterly record of $101.9 million, up from $35.5 million in the first quarter of 2010.

The uranium miner boosted quarterly production by 33 percent to 2.4 million pounds, while uranium sales more than doubled to 1.7 million pounds.

The average realized price for uranium in the quarter rose to $61 a pound compared with $46 a pound in the first quarter of 2010. Total cash costs were down 22 percent to $14 a pound.

The Toronto-based company maintained production guidance of 10.5 million pounds for the year and sales guidance of 9.5 million pounds in 2011.

(Reporting by Julie Gordon; editing Dave Zimmerman) Keywords: URANIUMONE/ ([e-mail]; [phone]; Reuters Messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.