American Superconductor (AMSC) posted solid Q2 results this morning, beating analyst estimates and increasing their 2010 guidance.  The company reported a non GAAP EPS of .32/share (vs the estimate for .28) on revenues of $101.5 million (vs the estimate for $101 million).  That’s good for a 68% increase in EPS over the year ago quarter and a 35% increase in revenues.  Sequentially, the numbers were a slight improvement.

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“In the second quarter — our fifteenth consecutive quarter of sequential revenue growth — we generated new quarterly records for both gross margin and earnings,” said Greg Yurek, AMSC’s founder and chief executive officer. “In recent weeks, we have achieved a number of additional successes that we believe will enable us to extend our strong track record of profitable growth well beyond fiscal 2010. We strengthened our position in the renewable energy and power grid sectors by making a strategic investment in advanced wind turbine blade manufacturer Blade Dynamics Ltd., and we introduced our new SolarTie(TM) Grid Interconnection Solution. Most importantly, the second fiscal quarter marked the ‘Coming of Age’ for high temperature superconductors as we booked a three million meter order for our Amperium(TM) wire — the largest order for high temperature superconductor wire in history.”

Looking ahead the company is raising their 2010 guidance for both revenues and EPS.  They are increasing the non GAAP EPS estimate from $1.20 – $1.25 to $1.30 – $1.35 and the revenue number from $420 – $430 million to $430 – $440 million.

Shares of AMSC are up about 6% in pre-market trading.  Technically, shares are still in pull back mode after breaking out of a long base in early October.  There is strong support all the way down to about the $30 level.