Centrus Energy Corporation (LEU) saw its loss narrow to $67 million, or $7.36 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $187.40 million, or $20.82 a share. Revenue during the year dropped 25.56 percent to $311.30 million from $418.20 million in the previous year. Gross margin for the year contracted 199 basis points over the previous year to 14.49 percent. Operating margin for the year stood at negative 19.82 percent as compared to a negative 40.27 percent for the previous year.
Operating loss for the year was $61.70 million, compared with an operating loss of $168.40 million in the previous year.
“Centrus had a successful year, exceeding our revenue and cash targets, reducing our debt load, and making significant progress on our major initiatives to become the world's most diversified nuclear fuel supplier,” said Daniel B. Poneman, Centrus president and chief executive officer.
Operating cash flow improves significantly
Centrus Energy Corporation has generated cash of $37.70 million from operating activities during the year, up 343.53 percent or $29.20 million, when compared with the last year. The company has spent $1.20 million cash to meet investing activities during the year as against cash inflow of $6.70 million in the last year.
Cash flow from financing activities was almost stable for the year at $9.80 million, when compared with the previous year.
Cash and cash equivalents stood at $260.70 million as on Dec. 31, 2016, up 11.41 percent or $26.70 million from $234 million on Dec. 31, 2015.
Working capital declines
Centrus Energy Corporation has witnessed a decline in the working capital over the last year. It stood at $234.90 million as at Dec. 31, 2016, down 16.61 percent or $46.80 million from $281.70 million on Dec. 31, 2015. Current ratio was at 1.72 as on Dec. 31, 2016, down from 1.75 on Dec. 31, 2015.
Cash conversion cycle (CCC) has decreased to 73 days for the year from 254 days for the last year. Days sales outstanding went up to 24 days for the year compared with 20 days for the same period last year.
Days inventory outstanding has decreased to 122 days for the year compared with 301 days for the previous year period. At the same time, days payable outstanding went up to 73 days for the year from 68 for the same period last year.
Debt comes down
Centrus Energy Corporation has recorded a decline in total debt over the last one year. It stood at $234.10 million as on Dec. 31, 2016, down 5.22 percent or $12.90 million from $247 million on Dec. 31, 2015. Usec has recorded a decline in long-term debt over the last one year. It stood at $234.10 million as on Dec. 31, 2016, down 5.22 percent or $12.90 million from $247 million on Dec. 31, 2015. Total debt was 32.81 percent of total assets as on Dec. 31, 2016, compared with 30.10 percent on Dec. 31, 2015.
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