Tuesday, American Superconductor Corp. (AMSC) said its third-quarter GAAP net income was $5.2 million or $0.11 per share compared with a net loss of $7.8 million or $0.18 per share in the prior year period.
Non-GAAP net income for the quarter was $9.1 million or $0.20 per versus a net loss of $4.9 million or $0.11 per share in the year-ago period. On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share for the quarter.
Total revenues for the quarter increased to $80.65 million from $41.33 million in the comparable period. Fourteen analysts estimated revenues of $76.72 million for the quarter.
AMSC raised its GAAP net income forecast for fiscal 2009 to a range of $14.0 million - $15.0 million, or $0.31 - $0.33 per share from its prior range of $11.0 million - $13.0 million, or $0.24 - $0.29 per share. AMSC's non-GAAP net income forecast has increased to a range of $29.5 million - $30.5 million, or $0.65 - $0.67 per share from its previous range of $27.0 million - $29.0 million, or $0.59 - $0.64 per share. Nina analysts estimate earnings of $0.62 per share for the year.
Fiscal 2009 revenues are now expected to be in a range of $312 million - $315 million, up from the earlier range of $300 million - $310 million. Twelve analysts estimate revenues of $306.90 million for the year.
The company said it anticipates non-GAAP net income to exceed $54 million, or $1.15 per share and revenue to exceed $400 million for full year fiscal 2010. Nine analysts estimate earnings of $1.20 per share and twelve analysts estimate revenues of $419.50 million for the year.
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