Strong second quarter for American Superconductor
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.
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