AMSC's losses widen as revenue drops
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Losses climbed and revenue plummeted for Devens-based AMSC as both its wind and grid segment struggled in the second quarter, the company said.
Although coming in slightly ahead of analysts’ expectations, AMSC’s losses grew to $35.4 million or 31 cents per share, from $14.6 million, or 24 cents per share, for the same quarter in 2013, the company said. The net loss did, however, include a $10.2 million charge for an arbitration award to former customer Ghodawat Energy of India handed down last month by the ICC International Court of Arbitration.
Revenues for the second quarter of fiscal 2014 were $12.5 million, compared with $24.2 million for the same period of fiscal 2013. The company reported lower revenues for both its wind (down $7 million) and grid (down $4.5 million) segments compared to the year ago period.
For the third quarter ending December 31, 2014, AMSC said it expects that its revenues will be in the range of $18 million to $20 million. The company's net loss for the third quarter of fiscal 2014 is expected to be less than $12.5 million, or $0.15 per share, it said.
For the full fiscal year 2014, the Company expects revenues to be in the range of $65 million to $75 million.
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