Energy technologies company American Superconductor Corp.(AMSC) Thursday said it expects significant earnings growth for fiscal 2010 on higher revenues and greater productivity. The company also backed its financial guidance for fiscal 2009.
Maintaining its net income guidance for fiscal 2009, the Devens, Massachusetts-based American Superconductor said it still expects GAAP net income in the range of $11 million - $13 million or $0.24 - $0.29 per share. In the year-ago period, the company posted a net loss of $16.6 million or $0.39 per share.
On an adjusted basis, the company anticipates fiscal 2009 earnings of $27 million - $29 million or $0.59 - $0.64 per share, which compares to a net loss of $3.1 million or $0.07 per share in the previous year. On average, eleven analysts polled by Thomson Reuters currently expect the company to earn $0.62 per share for the year. Analysts' estimates typically exclude special items.
The company reaffirmed its fiscal 2009 revenue estimate, with revenues expected to surge more than 60% to a range of $300 million - $310 million. Last year, the company recorded revenues of $182.2 million.
Looking further ahead to fiscal 2010, Greg Yurek, AMSC's founder and chief executive officer, said, "We expect substantial earnings growth in fiscal 2010, driven by increased revenues, greater productivity in all of our operations, and lower manufacturing costs as the result of initiatives we have undertaken in recent quarters."
For fiscal 2010, the company projects GAAP net income of more than $36 million or $0.77 per share, and a non-GAAP earnings of more than $54 million or $1.5 per share. Revenues are expected to exceed $400 million. Analysts anticipate earnings of $1.04 per share on revenues of $406.82 million for fiscal 2010.
The company indicated that it has more than $300 million of fiscal 2010 backlog in hand, and possesses a strong platform to grow its revenues next year.
AMSC is trading at $31.79, down $0.70 or 2.15%, on a volume of about 210 thousand shares.
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