AMSC losses widen, revenue falls

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Losses climbed and revenue sunk for Devens-based AMSC due to reduced Chinese wind product sales and lower grid support sales.

Excluding non-cash, non-recurring charges, net losses for the wind and power grid company in the quarter ending June 30 widened from 14 cents per share in 2013 to 15 cents per share this year. But that beat analysts’ expectations for 17 cents per share.

Revenue for the quarter was $11.7 million, below both analysts’ projections of $12.4 million and AMSC’s 2013 performance of $23.1 million.

“We are focused on building the foundation required for growth in 2015 and beyond,” Daniel McGahn, president and CEO, said in a statement. “At the same time, we have maintained the fiscal discipline to control our expenses.”

McGahn said AMSC’s recent deals should be a source of optimism for 2015. They include a $40 million order in June from Inox Wind Ltd. of India for wind turbine electrical control systems, and an agreement with the U.S. Department of Homeland Security that could be worth up to $60 million to build a superconducting cable system in and around Chicago.

Still, AMSC is projecting losses of 16 cents per share for the quarter ending Sept. 30, well below Wall Street projections of 12 cents. And revenues for the 2014 fiscal year, which ends in March 2015, are expected to be down slightly from 2013, according to the company.

AMSC’s stock price slumped 11.5 percent early Tuesday in response to the news, falling from $2 at the end of day Monday – prior to the earnings announcement – to $1.77.