American Superconductor Posts Profit, Sees FY Above Views
DOW JONES NEWSWIRES
American Superconductor Corp. (AMSC) posted its first-ever profit in its latest quarter on higher revenue.
The company, which makes superconducting wire used by electric utilities and in motors, also projected earnings will be well above analysts' expectations for its fiscal year that began April 1. It forecast earnings of 27 cents to 30 cents and revenue of $225 million to $235 million. Analysts polled by Thomson Reuters projected earnings of 5 cents and revenue of $242 million.
American Superconductor's shares were up 4.3% at $24.50 in premarket trading as the fiscal fourth quarter's results topped expectations.
Founder and Chief Executive Greg Yurek said the company expanded its global work force 36% during the just-ended fiscal year and is focused on delivering profitable growth this year.
For the quarter ended March 31, the company posted income of $1.3 million, or 3 cents a share, compared with a year-earlier loss of $1.8 million, or 4 cents a share. The results included $362,000 and $3.6 million in restructuring charges, respectively. Excluding items, earnings rose to 9 cents a share from 6 cents.
Revenue increased 59% to $61.2 million.
The company had said in March it expected earnings of about 2 cents a share on revenue of $56.5 million to $60.5 million.
Gross margin fell to 32.6% from 33.2%.
The company's backlog of $558 million as of March 31, is down 7.3% from the prior quarter but more than double the prior year because of a $450 million, three-year contract for wind turbine core electrical systems the company got in June.
American Superconductor has said power losses are reduced by about two-thirds with superconducting material. Its products are being used by three utilities -- Long Island Power Authority, American Electric Power Co. (AEP) and National Grid PLC (NGG). |
