AMSC narrows losses
Devens-based AMSC narrowed its losses in the third quarter ending Dec. 31, according to an earnings statement, while revenue increased due to growth in the clean energy firm’s wind segment.
The third-quarter net loss was $8.4 million, 14 cents per share, down from $20.1 million for in same period in fiscal 2012. And revenue totaled $20.6 million for the quarter, compared with $17.4 million a year ago. Earnings were slightly better than analyst estimates, which predicted losses of 19 cents per share, according to analystratings.net.
Wind revenue growth was primarily attributed to demand from customers in India and China, according to the company, but was offset by declines in AMSC’s grid segment.
The company predicted in its second-quarter earnings release that instability in Asia would continue to be a challenge in 2013, and AMSC President and CEO Daniel P. McGahn said Thursday that the challenge continues.
“The long-term prospects in our key markets are promising, but we continue to anticipate challenges in the near term. Given the strategic cost-cutting measures we have taken over the past year, we have reduced our annualized operating expenses and net loss and we have achieved a slower cash burn. We are focused on achieving positive net cash flows on a quarterly basis. We believe this will occur by the end of (fiscal 2014),” McGahn said.
In 2012, AMSC cut a quarter of its workforce, and revenue declined from $315.9 million in fiscal 2010 to $87.4 million in fiscal 2013.
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