Investing.com -- Cameco Corp. (TSX: CCO; NYSE: CCJ) reported second quarter results that beat revenue expectations but fell short on earnings, with shares rising 3.3% premarket following the announcement.

The uranium producer posted adjusted earnings per share of C$0.18 for the quarter ended June 30, missing the analyst consensus of C$0.28. However, revenue of C$814 million exceeded expectations of C$592.27 million, though it declined 7% from C$877 million in the same quarter last year.

The company attributed lower quarterly results primarily to reduced equity earnings from its Westinghouse investment, which saw a significant decline after a one-time construction project contribution in the prior year period.

"Our year-to-date financial and operational performance reflects the value of aligning our marketing, operational and financial decisions with strengthening industry fundamentals," said Tim Gitzel, Cameco's CEO. "Our second quarter financial results reflect normal quarterly variability, and while uranium production was impacted by challenging spring road conditions along our northern Saskatchewan supply routes, our annual production outlook remains unchanged."

Cameco's uranium segment generated earnings before taxes of C$170 million and adjusted EBITDA of C$252 million in the second quarter, down from C$281 million and C$352 million, respectively, in 2025, due to lower planned sales delivery volumes. The company delivered 7.1 million pounds of uranium in the quarter, down from 8.7 million pounds in the prior year period, reflecting its contracting discipline.

The company maintained its 2026 production guidance of 19.5 to 21.5 million pounds of uranium despite temporary operational disruptions from flooding along northern Saskatchewan supply routes during the quarter.