AMSC expects $28M quarterly loss
PHOTO/MATT VOLPINI
American Superconductor Corp., a Devens power grid planner and engineer, said Wednesday it expects disappointing fourth-quarter revenue.
AMSC said its revenues will be in the range of $15 million to $16 million, down from the originally expected $22 million to $26 million.
American Superconductor said its net loss for the quarter will be nearly $28 million.
The company's fourth quarter ended March 31.
That difference is attributed mainly to fewer-than-expected shipments of its electrical control system to the company Inox Wind Limited, AMSC said. Inox believes there's a "temporary demand dislocation" because of a low power-purchasing tariff in India.
Looking ahead, AMSC said it expects a further decline in revenue for the current quarter, which ends June 30. Revenues will likely be in the $8 million to $9 million range, the company said, as a continuing effect from fewer shipments to Inox.
AMSC provides electronic controls and systems for wind turbines, and engineering and planning for energy grid systems. It has operations in North America, Asia, Europe and Australia.
Shares of the company, which were already low, were trading around $6 on Thursday.
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