Shares of Centrus Energy Corp. (LEU) experienced a pre-market plunge of 5.01% on Monday, following the company's third-quarter earnings report that missed analyst expectations. Centrus reported a net loss of $0.30 per share, falling short of the estimated $0.22 earnings per share.
The disappointing earnings were primarily driven by a decline in gross profit from the company's low-enriched uranium (LEU) segment due to lower sales volume, despite higher-priced legacy contracts during the quarter.
However, Centrus secured significant new contracts from the U.S. Department of Energy (DOE) during the quarter, positioning the company for future growth. The company was awarded high-assay low-enriched uranium (HALEU) production and deconversion contracts, with a potential combined value of up to $2.7 billion. Additionally, Centrus signed $2 billion in contingent commitments from customers to support the deployment of LEU production capacity at its Piketon, Ohio facility.
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