Strong second quarter for American Superconductor

DEVENS, MASSACHUSETTS - American Superconductor Corp., which makes technologies for the power industry, said its fiscal second quarter profit more than doubled as its revenue shot up 36 percent on strong demand from its customers. It raised its guidance for the full year.

Its shares rose $1.32, or 4.1 percent, to $33.82 in morning trading.

The company, based in Devens, Mass., said its net income rose to $10.0 million, or 22 cents per share, for the three months ended September 30 from $4.3 million, or 10 cents per share, a year ago.

Excluding one-time items, it earned 32 cents a share. Analysts surveyed by Thomson Reuters expected earnings of 28 cents a share.

Revenue rose to $101.5 million from $74.7 million a year ago. Analysts expected $101 million in revenue.

It was the fifteenth straight quarter of revenue growth for the company. AMSC said its high temperature wires business recently booked an order for 3 million meters of wire, the biggest order the company has ever gotten.

The company added that a recent investment in wind turbine manufacturer Blade Dynamics Ltd. enables it to capitalize on the growing renewable energy industry.

Enlivened by the quarter's results, AMSC raised its full-year guidance for earnings excluding items to between $1.30 to $1.35 a share on revenue of $430 million to $440 million. Its previous guidance was for earnings of $1.20 to $1.25 a share excluding items on revenue of $420 million to $430 million.

Analysts expected full-year earnings of $1.25 per share on revenue of $430.7 million.

Related News

powerlines

Kyiv warns of 'difficult' winter after deadly strikes

KYIV - Ukraine has warned that difficult winter months lay ahead after a massive Russian missile barrage targeted civilian infrastructure, killing three in the south and wounding many across the country.

Russia launched the strikes as Ukraine prepares for a third winter during Moscow's 19-month long invasion and as President Volodymyr Zelensky made his second wartime trip to Washington.

"Most of the missiles were shot down. But only the majority. Not all," Zelensky said, calling for the West to provide Kyiv with more anti-missile systems.

The fresh attack came as Poland said it would honour pre-existing commitments of weapons supplies to Kyiv, a…

READ MORE
power plant

ACORE tells FERC that DOE Proposal to Subsidize Coal, Nuclear Power Plants is unsupported by Record

READ MORE

expanding-ev-charging-in-condos

Expanding EV Charging Infrastructure in Calgary's Apartments and Condos

READ MORE

warsaw climate change

What to know about the big climate change meeting in Katowice, Poland

READ MORE

power

Warning: Manitoba Hydro can't service new 'energy intensive' customers

READ MORE