AMSC Expects Loss
A Chinese client of American Superconductor has refused to accept contracted shipments, which will cause the Devens-based business to run a net loss for the current quarter, the company announced late yesterday.
AMSC warned investors that year-end earnings, which will be announced next month, will be well below previous estimates.
Annual revenues are expected to be about $355 million, compared to previous estimates of around $435 million.
The company expects its fourth-quarter net loss to be more than $40 million.
Sinovel Wind Group Ltd., a Chinese energy company, has not paid the company for past shipments of wind turbine products and has cancelled shipments of contracted products.
AMSC said it believes Sinovel is looking to reduce its inventory levels before accepting further shipments.
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