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.