Centrus Energy Corp (NASDAQ:LEU) shares are trading higher by 13.15% to $47.62 Wednesday afternoon after the company reported better-than-expected fourth-quarter EPS and sales results.

What Happened?

Centrus Energy reported quarterly earnings of $1.42 per share which beat the analyst consensus estimate of $0.82. The company also reported quarterly sales of $126.20 million which beat the analyst consensus estimate of $89.95 million by 40.3% This sales figure is a marked 41.8% increase over sales of $89.00 million in the same period last year.

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Centrus says the company achieved operating income of $59.7 million for the year ended December 31, 2022, after taking account of a $21.3 million estimated loss related to Centrus' cost-share contribution to the HALEU Operation Contract that the company secured in November 2022.

What Else?

"We are pleased with how strongly we finished 2022. Our LEU segment generated $67 million in gross profit in the fourth quarter. In Technical Solutions we won the DOE contract to operate a HALEU demonstration cascade through an open, competitive bidding process. We are now on pace to begin producing HALEU by the end of this year. This will be the first new U.S.-owned, U.S.-technology enrichment plant to begin production in 70 years," said Centrus President and CEO Daniel B. Poneman.

According to data from Benzinga Pro, LEU has a 52-week high of $55.77 and a 52-week low of $17.36.