American Superconductor (AMSC) reported Q2 results this morning with an EPS of $0.28, 4 cents better than the analyst estimate on revenues of $97.2 million, which beat estimates calling for $93.43 million.  That represents a more than doubling of profits over the year ago quarter on revenues that were 32% higher than the year ago quarter.  Gross margins increased 10% to 40% over the year ago quarter.  Another strong quarter out of AMSC which makes that at least eight straight quarters of sequential revenue growth (could be more, but the data source I’m using only goes back two years). 

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CEO Greg Yurek commented: “American Superconductor has achieved six consecutive quarters of rapid, profitable growth, and we are now well positioned to exceed our original forecasts for revenues and earnings for full fiscal 2010.  We achieved a record level of backlog in our first quarter, which gives us very good visibility to continued profitable growth over the next several years. The bulk of our sales during this period are expected to continue to be to Asian wind turbine manufacturers who are building out capacity to meet increased domestic demand and who are also preparing to export wind turbines to Western markets. We also expect our sales to customers in Western countries to start ramping significantly during that time.”

Looking ahead, the company is increasing revenue guidance for this year from a range of $415 – $425 to a range of $420 – $430 million.  Non GAAP EPS is raised as well from range of 1.15 – 1.20 to range of 1.20 – 1.25. 

Shares of AMSC are trading up about 3% in pre-market trading and have looked increasingly bullish in recent days, getting above both the 50 and 200 day moving averages.  A breakout above the May high of 34.21 would be very bullish longer term and could signal a return to all time highs set in January around $44.