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 … Read the rest
Piper Jaffray is also initiating coverage on American Superconductor (AMSC) today which has looked very bullish in recent weeks but getting a bit extended. It’s up again today. Piper is out with a Neutral rating and price target of $22.
Analyst notes:
– company well positioned to benefit from govt mandates to grow wind energy in China – customer concentration risk is significant with 67% of revenue from Sinovel in China – China economic stimulus … Read the rest
Analysts are out with a few notes this morning – an initiation of coverage on American Superconductor (AMSC) with a BUY and a downgrade of Evergreen Solar (ESLR) to NEUTRAL.
According to StreetInsider.com, Piper Jaffray downgraded ESLR to Neutral for the following reasons:
– rapidly losing polysilicon cost advantage – low visibility in financial impact of outsourcing production to Asia – minimal balance sheet flexibility for pursuing expansion in Asia
American Superconductor (AMSC) is up just a bit this morning after reporting a smaller loss than expected. The company reported a loss of .18/share (matches the year ago quarter) in the quarter vs estimates of a .20/share loss on revenues that were slightly higher than expected at 41.3 million (a 27% increase over the year ago quarters). Not exactly a great quarter but not awful either.
The company attributed the year-over-year reduction in gross margin … Read the rest
American Superconductor (AMSC) is releasing preliminary earnings results this evening and they aren’t pretty. The company’s revenue estimates are about in line with analyst estimates at around 41 million, but the company is expecting larger losses for the quarter due to estimated cost overruns on its turnkey SVC projects, higher Windtec engineering costs, charges for excess inventory and unfavorable exchange rates. Excuses, excuses, excuses. Yep, it was a poorly executed quarter all the way around … Read the rest
American Superconductor confirmed its 2008 forecast, saying it expects to the end the year with a less of .30-.35 per share. The company expects to post sales of $175 million to $185 million. Wall Street analysts predicted that the company would lose .34 per share and post sales of $176.6 million.
American Superconductor (AMSC) announced that it has licensed two of its wind turbine designs, the 1.65 MW and 2MW doubly fed induction versions, to South Korea’s Hyundai Heavy Industries, the world’s largest shipbuilder and global supplier of electrical equipment. Hyundai plans to begin production on the turbines at the end of 2009 and will initially target the US market.
“Hyundai Heavy Industries is one of the largest manufacturers of high quality, large-scale electro-mechanical equipment … Read the rest
Citron Research (formerly StockLemon.com) is known for its in depth research and peeling away the truth behind a company’s numbers, exposing the true nature of the business or lack thereof. Today, they issued a report on American Superconductor (AMSC), calling the company an industrial commodity (who happens to supply the wind industry) rather than an alt energy play. They also bring attention to the request of the company that the SEC withhold key information from … Read the rest
American Superconductor (AMSC) reported results this morning that didn’t meet analyst expectations. While revenues doubled over the year ago quarter, gross margins increased and the company continues to narrow its losses, the company reported a loss of .15/share, missing estimates by .09 on revenues of 39.8 million (missed by one million). However, it should be noted that the losses this quarter included a one time non cash chart of .06 share, so excluding that … Read the rest
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