May 13, 2010
AMSC Turns $16M Profit For The Year
By Brandon Butler
American Superconductor Corp., the Devens-based wire and wind turbine component manufacturing company, reported its first full-year of profitability as revenues jumped more than 73 percent last fiscal year.
The company recorded a $16.2 million profit for the year ending in March on revenues of $316 million. That compares to a $16.6 million loss during the previous full year on revenues of $182.8 million.
For the fourth quarter, revenues jumped 43 percent from $61.2 million last year to $87.6 million. Profits for the quarter increased from $1.3 million to $4.9 million.
The company has a "high degree of confidence" for 30 percent revenue growth this year because of an order backlog of more than $588 million.
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