Earnings more than doubled year-over-year at Centrus, Bethesda, Md., in the second quarter, during which the company’s flagship uranium brokerage business almost tripled, according to a press release.
The company’s quarterly earnings call was scheduled for Wednesday at 8:30 a.m. Eastern time. Centrus often has what it sometimes calls lumpy quarters, where uranium fuel orders from U.S. utilities abruptly spike or slack, creating irregular booms and busts in the company’s earnings.
Companywide net earnings for the second quarter were $30.6 million, or $1.89 a share, up from $12.7 million, or $0.83 a share, in the year-ago quarter, Centrus said in its release. Quarterly revenue was $189 million, up year-over-year from $98.4 million.
Separative work units revenue, which accounts for uranium fuel orders from U.S. nuclear plant operators, rose to almost $140 million from about $48 million a year ago. Centrus fulfills these orders with imported Russian uranium.
During the second quarter of 2024, President Joe Biden (D) enacted a law that would ban imports of Russian uranium, Centrus’ bread and butter, by Jan. 1 2028. The company also acquired a waiver to continue importing Russian uranium during the quarter, seemingly protecting the flagship separative work units business at least through 2025.