Centrus Energy (LEU) FY2021 results: revenue $298 million, up 20.7% on the year

Centrus Energy Corp. (LEU) reported revenue of $298 million for fiscal 2021, the year ended 31 December 2021, up 20.7% on the year before. Net income was $175 million, up 221.7%, and diluted earnings per share $9.75. The figures are the company's own, from the 10-K it filed with the SEC on 11 March 2022.

Revenue

$298 million

+20.7% on the year

FY2014FY2021

Operating margin

22.9%

20.6% a year earlier

FY2014FY2021

Net income

$175 million

+221.7% on the year

FY2014FY2021

Diluted EPS

$9.75

+1,610.5% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	298	247	210	+20.7%
Cost of revenue	184	150	177	+22.9%
Gross profit	114	97.6	32.5	+17.3%
Gross margin	38.4%	39.5%	15.5%
Research and development	2.1	2.8	14.6	-25.0%
Selling, general and administrative	36.0	36.0	33.7	0.0%
Operating income	68.3	51.0	-19.7	+33.9%
Operating margin	22.9%	20.6%	-9.4%
Interest expense	0.1	0.1	3.0	0.0%
Pre-tax income	136	53.0	-16.2	+156.4%
Income tax	-39.1	-1.4	0.3
Effective tax rate	-28.8%	-2.6%	n/a
Net income	175	54.4	-16.5	+221.7%
Net margin	58.7%	22.0%	-7.9%
Diluted EPS	$9.75	$0.57	-$2.54	+1,610.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	50.0	67.1	11.3	-25.5%
Capital expenditure	1.2	1.4	0.1	-14.3%
Free cash flow	48.8	65.7	11.2	-25.7%
Free cash flow margin	16.4%	26.6%	5.3%
Cash from investing	-1.2	-1.4	0.6
Cash from financing	-9.9	-44.4	-35.0
Depreciation and amortisation	8.6	7.3	7.0	+17.8%
Share-based compensation	12.2	7.1	1.4	+71.8%
Diluted shares, weighted	14m	10m	10m	+37.1%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	-142	-321	-337
Debt	108	114	120	-5.4%
Operating lease liabilities	3.0	4.3	7.0	-30.2%
Other liabilities	603	688	666	-12.4%
Total liabilities and equity	572	486	456	+17.7%
Fixed assets	5.3	4.9	3.7	+8.2%
Intangible assets	54.7	62.8	69.5	-12.9%
Cash and equivalents	194	152	131	+27.5%
Receivables	29.1	29.6	21.1	-1.7%
Inventory	91.1	64.8	64.5	+40.6%
Other assets	198	172	166	+15.2%
Total assets	572	486	456	+17.7%

10-K for the year ended 31 December 2021, filed 11 March 2022: the filing.