AMSC Revenue Up, Losses Down

Devens-based electric grid and wind power company AMSC brought in slightly higher revenue in its most recent fiscal quarter and again cut its quarterly losses as it continued to rebound from financial troubles that began last year over canceled orders.

Revenue for its second fiscal quarter of 2012, which ended Sept. 30, was $20.9 million, up slightly from $20.8 million in the same quarter of 2011. Its net loss for the quarter was $15.9 million, or 31 cents per share, a 69-percent improvement over its loss of $51.7 million ($1.02 a share) in the second quarter of 2011.

The former American Superconductor Corp. said its grid business segment boosted revenue about 20 percent while revenue in its wind segment declined about 10 percent year over year.

AMSC President and CEO Daniel P. McGahn said the company delivered on its stated financial goals. He said the grid business capitalized on stable spending in the transmission and distribution market and is close to filling its order book for the fiscal cycle.

The wind power market, however, was quite different. "Conditions in the … market are currently challenging, with increased government oversight slowing installations in China and global installations flattening," McGahn said. But he added that AMSC expects to increase shipments in the second half of the fiscal year, "based on our existing orders and discussions with our customers."

McGahn expects the company to improve its revenue and net income positions in the third quarter.

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