Company: LEU
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001065059-25-000058
Chunk: 23

Company: CENTRUS ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 2
Chunk 23
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.3 million for the three months ended June 30, 2025 and 2024, respectively, a change of $17.3 million (or 106%). The change is primarily due to the $16.6 million remeasurement gain driven by the partial annuitization of two pension plans in May 2024. The remaining change is primarily related to the expected return on plan assets, partially offset by interest cost as the discounted present value of benefit obligations nears payment, as described in Note 8, Pension and Postretirement Health and Life Benefits of the Consolidated Financial Statements.

Interest Expense

Interest expense was $3.1 million and $0.3 million for the three months ended June 30, 2025 and 2024, respectively, an increase of $2.8 million (or 933%). This increase was due primarily to interest incurred on the 2.25% Convertible Notes issued in November 2024.

50

Investment Income

Investment income was $8.0 million and $2.4 million for the three months ended June 30, 2025 and 2024, respectively, an increase of $5.6 million (or 233%). The Company’s investment income represents interest earned on operating cash, which is primarily held in money market accounts. The increase was due primarily to a higher cash balance driven by the proceeds from the issuance of the 2.25% Convertible Notes issued in November 2024.

Net Income and Comprehensive Income

Net income was $28.9 million and $30.6 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of $1.7 million (or 6%). The decrease was primarily attributable to an increase in net nonoperating expenses of $14.5 million, driven by a change of $17.3 million in nonoperating components of net periodic benefit expense and an increase of $3.7 million in stock compensation. This was partially offset by an increase of $17.4 million in gross profit, as discussed above.  

Six Months Ended June 30, 2025 Compared with Six Months Ended June 30, 2024

Six Months Ended  June 30,20252024$ Change% ChangeGross profit$86.8 $40.8 $46.0 113 %Advanced technology costs6.3 9.8 (3.5)(36)%Selling