The following is a summary of the Centrus Energy Corporation (LEU) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Centrus Energy achieved its highest revenue in eight years at $320.2 million in 2023, driven by a 14% surge in its LEU business segment.

• Profits saw an uptick of 66% compared to the previous year, totaling $84.4 million.

• The LEU segment order book continues to hover around $1 billion.

• The year ended with a strong cash position reflected by an unrestricted cash balance of $201.2 million.

• Company-wide gross profit stood at $112.1 million showing a slight decrease from the previous year.

• The purchase of an annuity resulted in the transfer of $186.5 million in pension obligations to an insurance company, reducing the company's pension liability from $43.6 million to $17.3 million.

Business Progress:

• Centrus has set up an enrichment operation in Pyrton to cater to America's need for a domestic source of advanced fuel for next-gen reactors.

• The completion of Phase 1 of the HALEU contract under budget and ahead of schedule included the construction of advanced centrifuges' cascade.

• The company showed optimism in resolving supply chain issues delaying HALEU generation by the end of the year.

• Production of advanced reactor fuel began at the Pyrton site, which can potentially house more than 10,000 centrifuges.

• The company is prepared to lead in restoring America's domestic uranium enrichment capacity and secure the nuclear fuel supply chain.

• Centrus is also drafting a bid for the Department of Energy's March due RFP for HALEU enrichment.

• There is an expectation of favorable market conditions leading to higher future sales margins.

More details: Centrus Energy IR

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