American Superconductor Q1 loss narrows, shares up
Thu May 8, 2008 10:51am EDT
May 8 (Reuters) - American Superconductor Corp (AMSC.O: Quote, Profile, Research) posted a narrower-than-expected quarterly loss on strong commercial sales to the wind power and electric utility markets, and raised its outlook for the year, sending its shares up more than 18 percent.
The company, which supplies semiconductor machinery, primarily serves the wind energy and the power transmission and distribution market.
Fourth-quarter net loss was $1.8 million, or 4 cents a share, compared with a loss of $11.4 million, or 33 cents a share a year ago.
The loss included $3.6 million in restructuring and impairment charges and a gain of $0.9 million primarily from a mark-to-market adjustment on an outstanding warrant.
Revenue more than doubled to $38.4 million.
Analysts were expecting a loss of 12 cents a share, before items on revenue of $34.7 million, according to Reuters Estimates.
The company now sees fiscal 2008 net loss of 21 cents a share to 28 cents a share, on sales of $165 million to $175 million.
It had previously forecast a loss of about 69 cents a share to 74 cents a share, on revenue of $105 million to $110 million for the period.
Analysts were expecting a loss of 36 cents a share, before items, on revenue of $153.4 million.
Shares of the company rose $5.10 to $29.77 in morning trade on Nasdaq. |
