May 8, 2008
AMSC Gives Earnings A Jolt
By Eileen Kennedy
American Superconductor Corp. at Devens saw explosive revenue growth in the fourth quarter of 2007, while dramatically reducing its losses during the same period.
Its 2007 fourth quarter revenue was $38.4 million, a 101 percent increase over the same period the prior year, when it brought in $19.1 million. The company based its success on strong sales to wind power and electric utility markets, integrating two acquisitions, consolidating its facilities and the formation of a branch in China.
Its loss for the fourth quarter of 2007 was $1.8 million, including $3.6 million in restructuring and impairment charges for consolidating all of its facilities in Devens from Westborough. In comparison, its fourth quarter loss in 2006 was $11.4 million.
American Superconductor also forecast its 2008 growth would be between $165 and $175 million, compared to its 2007 revenue of $112.4 million. It also predicted its 2008 loss would be between $9 and $12 million, compared to its 2007 loss of $25.4 million.
The company makes two technologies for energy utilities: programmable power electronic converters and high temperature superconductor wires.
Its 2007 fourth quarter revenue was $38.4 million, a 101 percent increase over the same period the prior year, when it brought in $19.1 million. The company based its success on strong sales to wind power and electric utility markets, integrating two acquisitions, consolidating its facilities and the formation of a branch in China.
Its loss for the fourth quarter of 2007 was $1.8 million, including $3.6 million in restructuring and impairment charges for consolidating all of its facilities in Devens from Westborough. In comparison, its fourth quarter loss in 2006 was $11.4 million.
American Superconductor also forecast its 2008 growth would be between $165 and $175 million, compared to its 2007 revenue of $112.4 million. It also predicted its 2008 loss would be between $9 and $12 million, compared to its 2007 loss of $25.4 million.
The company makes two technologies for energy utilities: programmable power electronic converters and high temperature superconductor wires.
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