American Superconductor (AMSC) reported strong growth again last quarter and beat analyst estimates in the process, by reporting a non GAAP EPS of .18/share which was .02 better than estimates.  Revenues were a bit higher than estimates as well at $87.6 million.

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CEO Greg Yurek commented on the year ahead:

“Entering fiscal 2010, we have approximately 90 percent of our forecasted revenues in backlog, which gives us a high degree of confidence we will grow revenues by more than 30 percent year over year. We also expect further increases in productivity in fiscal 2010. Coupled with our strong forecasted revenue growth, we expect these productivity gains will drive at least a 70 percent increase in non-GAAP earnings year-over-year. We expect that this growth in non-GAAP earnings will translate into net positive cash flow for the year even as we continue to invest aggressively for continued growth in future years.”

They see full year 2010 revenues at $415 – $425 million and EPS at $1.15 – $1.20, both of which are about in line with what analysts were expecting.

Shares of AMSC are popping today, up about 6% on the strong earning report.  The stock is now back above the 50 day moving average and appears to be carving out a double bottom base.  In this case, a breakout above 32.24 would be very bullish.