Shares of Centrus Energy Corp. (LEU) fell sharply on Monday after the nuclear fuel company reported a net loss of $5 million or $0.30 per share for the third quarter of 2024, missing analyst expectations. Despite the disappointing results, Centrus secured significant new government contracts and unveiled plans to expand its enrichment capacity, positioning the company for future growth.
The company's revenue for the quarter came in at $57.7 million, beating consensus estimates of $56.07 million. However, gross profit declined due to lower sales volumes in the low-enriched uranium (LEU) segment, partially offset by higher-priced legacy contracts.
In a positive development, Centrus was awarded two contracts from the U.S. Department of Energy (DOE) for high-assay low-enriched uranium (HALEU) production and deconversion services. The contracts have a combined potential value of up to $2.7 billion, reflecting the growing demand for HALEU from advanced reactors and the nuclear industry's shift toward cleaner energy sources.
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