Net earnings declined 31% to C$88m ($66m), $0.22 per share diluted, compared to $127m ($96.5m), or $0.32 per share diluted, for the same period last year.
The company said average realized uranium price outperformed spot and long-term market prices. Cameco reported strong uranium production for the quarter and maintained annual production and sales targets.
Production volumes were 35% higher in Q2, compared to the year-ago period, mainly due to production from Cigar Lake and higher production from McArthur River/Key Lake mine.
Cameco noted that the quarterly delivery patterns, sales volumes and revenue can vary significantly in its uranium and fuel services segments.
Uranium deliveries in the third quarter are expected to be similar to the first two quarters, while fourth quarter deliveries are estimated to be higher.
Cameco president and CEO Tim Gitzel said: "The company continues to perform well despite the tough market conditions.
"Despite some supply disruptions in the first half of the year, prices and demand remained ‘flat’ due to the current oversupply in the market."
