AMSC revenue up; quarterly loss down
Wind energy equipment manufacturer AMSC of Devens saw a strong 36-percent revenue growth to close out its most recent fiscal year while substantially cutting its quarterly losses, the company reported Thursday.
AMSC said it took in $25.1 million in revenue for the quarter, which ended March 31, up from $16.3 million in the same quarter last year. The company, which has been looking to rebound since its main customer stopped doing business with it in 2010, cut its net loss for the quarter to $3.4 million, or 36 cents per share, down sharply from $22.7 million, or $3.30 a share.
AMSC, formerly American Superconductor, credited the gain to higher revenue in its wind segment, which makes up most of the company’s sales, and AMSC’s president, Daniel P. McGahn, said the new fiscal cycle is off to a strong start, buoyed by a recently announced U.S. Navy contract of $8.5 million. He also cited a stock offering that strengthened the company’s balance sheet. However, the company’s ratio of liabilities to assets at year end jumped from 33.4 percent in the fourth quarter last year to 40.3 percent this year.
The quarterly results took much of the sting out of what would have been an otherwise worse fiscal year, during which revenue fell more than 16 percent to $70.5 million. But the company’s net loss, which had been $56.3 million in its last fiscal year, was smaller, at $48.7 million.
In its outlook, AMSC expects first-quarter revenue to fall between $22 million and $24 million, with a loss of less than $9 million, or 74 cents per share.
After this morning’s announcement, AMSC stock was trading slightly lower after opening at $6.49 a share.
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