Centrus Energy Corp. (LEU) stock surged 13.67% in pre-market trading on Friday, following the company's impressive fourth quarter 2024 financial results and the announcement of a major supply contract win.

For the fourth quarter, Centrus reported revenue of $151.6 million, significantly exceeding the consensus estimate of $106.67 million. The company attributed the strong performance to an expanded backlog and continued success in demonstrating its enrichment technology. This positive earnings surprise appears to have been a key driver behind the stock's rally.

Additionally, Centrus disclosed that it had signed a 10-year enriched uranium supply agreement with Korea Hydro & Nuclear Power (KHNP), a subsidiary of Korea Electric Power. This long-term contract is expected to provide Centrus with a stable revenue stream and further solidify its position in the global nuclear fuel market. News of this major deal likely contributed to the enthusiasm around the stock.