Mining firm Cameco reports net earnings of $36 million in Q2

SASKATOON, Sask. — Cameco Corp. says its second quarter brought net earnings of $36 million, reflecting strength in its uranium business.

The Saskatoon-based mining firm says its net earnings attributable to equity holders compared with $14 million a year earlier.

The results for the period ended June 30 amounted to earnings of eight cents per basic share compared with three cents a year earlier.

Revenue totalled $598 million, up from $482 million a year ago.

Cameco says the results reflect revenues of $481 million from its uranium business and $118 million stemming from its fuel services.

However, they also include a $47 million net loss for Westinghouse Electric Co., one of the world's largest nuclear services businesses that Cameco and Brookfield Renewable Partners purchased last year.

This report by The Canadian Press was first published July 31, 2024.

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The Canadian Press