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American Superconductor (AMSC) Reports First Quarterly Profit In Company History
American Superconductor (AMSC) reached an important milestone this morning, reporting the 1st quarterly profit in company history with a non GAAP EPS of .09/share, beating analyst estimates by .08/share. Revenues also beat analyst estimates at $61.2 million vs the consensus of $57.9 million and represented a 60% surge over the year ago quarter.
“AMSC posted its strongest financial performance to date in the fourth quarter of fiscal 2008,” said Greg Yurek, AMSC’s founder and chief executive officer. “We generated record revenues and achieved our first profitable quarter. During fiscal 2008, we expanded our global workforce by 36 percent as we increased our revenue by 63 percent while also developing and introducing several new wind power and power grid solutions. We self-financed these activities, which resulted in a small net use of cash for the fiscal year. We are now sharply focused on delivering profitable growth and net cash flow positive results for full year fiscal 2009 as we continue to make the investments that will enhance our long-term growth prospects.”
For the full year the company expects the non GAAP EPS in the .27 – 30 range on revenues of $225 – $235. AMSC is trading up about 7% in pre-market trading.
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