Centrus Reports Net Loss in Second Quarter

Centrus Energy Corp. late last week reported a net loss of $15.1 million for the second quarter of 2015, an improvement from the $28 million net loss the company suffered during the same period in 2014. Gross profit increased by $800,000 year over year during the second quarter and by $28.6 million in the first half of 2015, the company said. The enriched uranium supplier attributed those changes to the winding down of the Paducah Gaseous Diffusion Plant. “While we are in the early stages of our fresh start following reorganization and still have a lot of work to do, we believe the company is on the right trajectory,” Centrus President and CEO Daniel Poneman said in a statement. “Our second quarter results reflect our declining costs, improving margins, and actions to manage our order book effectively.”

 

For the full-year 2015 outlook, Centrus predicted in its earnings announcement a cash balance in the range of $175 million to $200 million. Centrus also reiterated its plans to “deliver significantly less separative work units (SWU) to customers than the approximately 8 million SWU delivered in 2013.”: “During 2014, we delivered approximately 3 million SWU, and we expect to deliver approximately 2 million SWU in 2015. We will also continue to execute our contract with ORNL to conduct research, development and demonstration of the American Centrifuge technology under the terms of the ACTDO Agreement.” Centrus has scheduled an Aug. 26 conference call  to discuss the second-quarter results with investors.