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February 6, 2020

Third-quarter revenues up 27%, but AMSC lands in red

Photo | Grant Welker AMSC's Ayer headquarters

AMSC saw third-quarter revenues jump 27% to $17.9 million, the company announced late Wednesday.

That's about where the good financial news ended for the Ayer energy systems manufacturer.

The company's profits dove, ending with a $6.6-million operating loss, a turn for the worse from the same quarter a year prior when profits hit $20.8 million. That extends a nine-month trend in which AMSC has lost $17 million, compared to a $40-million operating profit for the same period of time a year earlier.

AMSC expects the trends to continue. The company said it expects fourth-quarter revenue to hit $17 million to $20 million but for net losses to total as much as $6 million.

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