The Bethesda-based supplier reported a profit of $17.8 million, or 79 cents per share, a sharp decline from the $53.7 million, or $3.20 per share, recorded during the same period last year. Revenue for the quarter slipped to $146.2 million, missing the $146.8 million consensus among analysts polled by FactSet. The disappointing results triggered a midday sell-off that brought shares down to $211.85, though the stock remains up 86% over the past twelve months.
In section Market Quotes
Centrus Energy Shares Plunge After Q4 Earnings Miss and Weak Outlook
Centrus Energy shares tumbled 20% on Wednesday after the nuclear fuel supplier reported fourth-quarter earnings and revenue that failed to meet Wall Street expectations. The company, which specializes in low enriched uranium (LEU), also issued a 2024 revenue forecast that trailed analyst estimates, overshadowing a new strategic partnership aimed at expanding its domestic enrichment capacity.
Looking ahead, Centrus projected 2024 revenue between $425 million and $475 million, falling short of the $479.2 million anticipated by the market. Despite the near-term financial headwind, Chief Executive Officer Amir Vexler emphasized that rising price curves for LEU reflect a critical need for new enrichment capacity to meet global electrification demands.
Strategic Expansion and Infrastructure
To address these market needs, Centrus announced a collaboration with Fluor, which will act as the primary contractor for the expansion of its enrichment facility in Piketon, Ohio. This project follows a $900 million task order from the Department of Energy awarded last month. The company’s long-term strategy involves significant capital deployment to scale its operations:- Planned capital expenditure between $350 million and $500 million for 2026.
- Focus on scaling centrifuge manufacturing capacity.
- Strengthening the domestic supply chain for nuclear fuel.
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