EnergySolutions reports doubled profits

EnergySolutions Inc. reported Monday that the company's net income for the second quarter was $12.6 million, or $0.14 per share, more than double the $6 million reported for the same quarter a year ago.

The company attributed the improved profits to its international operations, which exceeded projected performance goals on its contracts in the United Kingdom. The enhanced performance resulted in increased efficiency fees earned by the company during the quarter, EnergySolutions said in a news release.

EnergySolutions acquired Reactor Sites Management Co. Ltd. in June 2007 from British Nuclear Fuels. Reactor Sites Management, through its subsidiary Magnox Electric Ltd., held the contracts and licenses to operate and decommission 10 nuclear sites and 22 reactors in the United Kingdom, on behalf of the British government.

EnergySolutions became a public company last November.

"In this, our second full quarter as a public company, I am very pleased with the performance of each of our business units and the progress each has made in executing our long-term strategic goals," EnergySolutions chief executive officer Steve Creamer said in a prepared statement.

Revenues for the quarter ended June 30 were $460 million, compared to $162 million for the same quarter in 2007. Gross profit for the quarter was $61.1 million, up from $45.7 million recorded for the same period last year.

EnergySolutions stock rose 39 cents Monday to close at $29.85. Since the initial public offering in November, the company's shares have ranged in price from $28.26 to $47.35.