American Superconductor (AMSC) Confirms 2008 Forecast, Advises On 2009 Outlook

Posted by Tate Dwinnell | # |
09:32:10 am on December 4, 2008

American Superconductor confirmed its 2008 forecast, saying it expects to the end the year with a less of .30-.35 per share. The company expects to post sales of $175 million to $185 million. Wall Street analysts predicted that the company would lose .34 per share and post sales of $176.6 million.

The company’s 2009 forecast was well above Wall Streets expectations. The expect to earn revenues of over $225 million and to see a net profit. Wall Street analysts had been expecting a loss of .34/share and revenue of $176.7 million.

CEO Greg Yurek explained the company’s predictions, saying "We currently have more than $150 million of firm orders in backlog that we expect to recognize as revenue in fiscal 2009."

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