AMSC revenue rises on wind; secures $3.7M contract

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Power grid and wind energy equipment manufacturer AMSC of Devens said Tuesday that revenue was up in its second quarter on the back of additional wind contracts and a $3.7 million government contract modification.

Second-quarter revenue for the company was $19 million, compared with $12.5 million for the second quarter of 2014. AMSC’s wind division was particularly important in driving the revenue rise, the company’s statement said.

However, the company reported losses of $7.7 million or 57 cents per share. This was down from $25.4 million, or $3.12 per share, for the same period of fiscal 2014, the company said.

Highlights of the quarter included a large wind order, additional voltage regulation orders, and an additional U.S. utility to perform a deployment study of AMSC’s Resilient Electric Grid system, according to the company.

The Department of Homeland Security has awarded the company a contract modification, worth up to $3.7 million, for its Resilient Electric Grid system, which helps isolate power outtages and allow cities to recover quicker when they do happen. The modification serves as a bridge between the deployment plan and construction phases of the project, the company said.

The additional funds bring the project to $5.2 million, AMSC said. The company said it has also seen interest for the product coming from Boston, Washington and other cities.

For the third quarter, AMSC expects that its revenues will be in the range of $19 million to $22 million, and that its net loss will be less than $5.5 million, or 40 cents per share.