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
Hydro One shares jump 5.7 per cent after U.S. regulators reject $6.7B takeover
TORONTO - Opposition politicians may not like it but investors are applauding the rejection of Hydro One Ltd.'s $6.7-billion takeover of U.S.-based utility Avista Corp.
Shares in the power company controlled by the Ontario government closed at $21.53, up $1.16 or 5.7 per cent, on the Toronto Stock Exchange on Thursday.
On Wednesday, Washington State regulators said they would not allow Ontario's largest utility to buy Avista for fear the provincial government, which owns 47 per cent of Hydro One's shares, might meddle in Avista's operations.
Financial analysts had predicted investors would welcome the news because the deal, announced in July 2017, would…
