Shares of Centrus Energy Corp. (LEU) soared 18.90% in pre-market trading on Friday, driven by the company's impressive fourth quarter 2024 earnings results and the announcement of a major long-term supply contract win.
For the fourth quarter, Centrus reported revenue of $151.6 million, significantly exceeding analysts' consensus estimate of $106.67 million. The company attributed its strong performance to an expanded backlog and continued success in demonstrating its enrichment technology, fueling investor optimism and sparking a rally in the stock.
Additionally, Centrus disclosed that it had secured a 10-year enriched uranium supply agreement with Korea Hydro & Nuclear Power (KHNP), a subsidiary of Korea Electric Power. This lucrative long-term contract is expected to provide Centrus with a stable revenue stream and further solidify its position in the global nuclear fuel market, contributing to the stock's surge.
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