(Kitco News) - Uranium giant Cameco (NYSE:CCJ) posted its second quarter financial results today reporting net earnings of $36 million, adjusted net earnings of $62 million, and adjusted EBITDA of $337 million.
For the first six months, the company reported net earnings of $29 million, adjusted net earnings of $118 million, and adjusted EBITDA of $681 million.
The company noted that the deliveries were down, but the price for the metal was up compared to a year ago.
"In our uranium segment, production and financial results for the quarter and for the first six months of the year were strong. Higher revenues and gross profit compared to last year were primarily driven by a higher average realized price. Deliveries of 6.2 million pounds during the quarter were higher than in the second quarter of 2023, while deliveries of 13.5 million pounds year-to-date were lower than the same period last year due to normal quarterly variations," reported the company.
Expected deliveries of between 32 million and 34 million pounds remain unchanged for the year.
Cameco stock was mostly unchanged as of noon ET.
In the management and discussion, Cameco said Central Asia uranium prices should start to rise due to taxation and supply chain issues in Kazakhstan, a major uranium supplier.
"There is a broader industry implication that's actually very constructive. The days of easy, cheap pounds coming out of Central Asia are effectively over," said Grant Isaac, executive vice-president and chief financial officer.
