EnergySolutions shares rise after strong 1Q

Net income for the quarter ended March 31 was $19.3 million, or 22 cents per share, compared with a loss of $10.3 million for the same quarter in 2007, a period in which it was not publicly held.

Excluding one-time items, the company posted adjusted first-quarter profit of 27 cents per share.

Analysts polled by Thomson Financial expected, on average, earnings per share of 16 cents per share. Analyst estimates typically exclude one-time items.

The company held its initial public offering on Nov. 14, 2007, and now has 88.3 million shares outstanding.

Revenue for the most recent quarter was $502 million, compared with $114 million for the same quarter in 2007.

The company posted $372.5 million in international revenue because of its June 2007 acquisition of RSMC, a British reactor operator and nuclear site manager.

PiperJaffray analyst Charles J. Fishman, who has a "Buy" rating and a $28 price target, said EnergySolutions is his top pick in the sector.

"We believe the rebirth of the nuclear industry, a trend that is already underway in other countries, is likely to begin in the U.S. In our opinion, ES, through recent acquisitions, has positioned itself to capitalize on this trend better than any other industry competitor," he wrote in a client note.

Shares rose 69 cents, or 3 percent, to $23.93, after earlier climbing as high as $25.25. In the past 52 weeks, shares have ranged from $16.90 to $28.45.