Shares of American Superconductor (AMSC) surged nearly 10% today after the company reported strong earnings results this morning, beating analyst estimates in the process.  The company reported a non GAAP EPS of .40/share on revenues of $114 million.  That beat the analyst estimates of .33 in EPS and $113 in revenue and represents quarter over quarter growth of 100% and 42% respectively.  The CEO has previously stated that their goal had been to achieve $1 billion a year in revenues by 2015, but now sees that goal achievable by 2014.  Here’s more from CEO Greg Yurek..

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“In the third quarter – our sixteenth consecutive quarter of sequential revenue growth – we generated record power grid-related revenues of approximately $20 million,” said Greg Yurek, AMSC’s founder and chief executive officer. “Sales in the wind energy market, particularly in Asia, are expected to continue to be the growth engine for our company in the near term. At the same time, sales of our grid-related products, including D-VAR, D-VAR RT, SolarTie, Amperium wire and superconductor cable projects, are expected to become a much bigger contributor to our growth going forward.”

Looking ahead, the company continues to expect fiscal year 2010 revenues in the range of $430 – $440 million, but is increasing its EPS projection from $1.30 – $1.35 to $1.33 – $1.38.  Analysts estimate $1.30 on revenues of $439 million.

A strong quarter and strong move from AMSC today which likely marks the bottom to this correction in AMSC and I believe an entry around current levels are compelling.