Maryland-based Centrus Energy will release its fourth-quarter and full-year 2017 earnings after the markets close on Wednesday, followed by a conference call with financial analysts at 8:30 a.m. EDT Thursday.
Centrus, formerly known as USEC, supplies nuclear fuel and services for the nuclear power industry.
In September 2015, Centrus began closing out its three-year demonstration of the advance American Centrifuge uranium enrichment technology at the U.S. Energy Department’s Portsmouth Site in Ohio when federal funding ended. Centrus Energy expected to finish cleanup of the American Centrifuge demonstration site by the close of 2017. The company is should report on the work in the financial filing.
In February, Centrus revealed in a financial filing the DOE had agreed to a $24 million legal settlement to resolve breach of contract litigation brought by the company in the U.S. Court of Federal Claims.
The Energy Department agreed to pay Centrus $4.7 million and relinquish its claim of about $19.3 million in credits owed by the company. The 2013 lawsuit had sought roughly $38 million for work done between 2003 and 2011 by the company for DOE and certain agency contractors.
When it reported results for the third quarter of 2017, Centrus cited a net loss of $8.5 million, compared to a $41.3 million net loss for the third quarter of 2016. Centrus also indicated the net loss connected to common stockholders was $10.5 million, or $1.15 per basic and diluted share.
Centrus also listed third-quarter revenue of $50.3 million, a big jump from the $28.9 million from a year earlier.
