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.
Related News
Advanced Reactors Will Stand On The Shoulders Of Giants
WASHINGTON - Advanced reactors will break the mold of what we think nuclear energy can accomplish: some will be smaller, some will use different kinds of fuel and others will do more than just make electricity. This new technology may seem like uncharted waters, but when operators, technicians and other workers start up the first reactors of the new generation, they will bring with them years of nuclear experience to run machines that have been optimized with lessons from the current fleet.
While advanced reactors are often portrayed as the future of nuclear energy, its our current plants that have paved…
