American Superconductor Corp. (AMSC), a provider of megawatt-scale wind turbine designs and electrical control systems, Tuesday reported a profit for the third quarter of fiscal 2009, compared to a loss last year, reflecting higher revenues and margins across segments. As a result of the better results for the quarter, the company raised its outlook for the fiscal 2009.
The Devens, Massachusetts-based company's net income for the third quarter was $5.18 million or $0.11 per share, compared to net loss of $7.77 million or $0.18 per share in the prior year period. Results for the quarter include amortization charges of $0.47 million and stock-based compensation of $3.52 million.
Non-GAAP net income for the quarter was $9.08 million or $0.20 per share, compared to net loss of $4.86 million or $0.11 per share in the year-ago period.
On average, 10 analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter increased 95% to $80.66 million from $41.33 million in the comparable period. Fourteen analysts estimated revenues of $76.72 million for the quarter.
Revenue from power systems rose to $77.03 million from $38.28 million last year. Superconductors revenue rose to $3.63 million from $3.06 million in the year-ago period.
Gross profit was $50.44 million or 37.5% of revenues, compared to $31.76 million or 23.2% of revenues last year.
The company reported backlog as of December 31, 2009 of about $546 million, compared to $587 million as of September 30, 2009. The decrease is due primarily to shipments made under AMSC's multi-year wind turbine core electrical component contracts with Sinovel Wind Co., Ltd.
For the nine-month period, net income was $11.31 million or $0.25 per share, compared to loss of $17.94 million or $0.42 per share in the previous year. Total revenues for the period rose to $228.33 million from $121.53 million a year ago.
AMSC raised its GAAP net income forecast for fiscal 2009 to a range of $14.0 million to $15.0 million or $0.31 to $0.33 per share from its prior range of $11.0 million to $13.0 million or $0.24 to $0.29 per share.
AMSC's non-GAAP net income forecast has increased to a range of $29.5 million to $30.5 million or $0.65 to $0.67 per share from its previous range of $27.0 million to $29.0 million or $0.59 to $0.64 per share. Nine analysts currently estimate earnings of $0.58 per share for the year.
Fiscal 2009 revenues are now expected to be in the range of $312 million to $315 million, up from the earlier range of $300 million to $310 million. Analysts currently 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. Analysts estimate earnings of $1.15 per share on revenues of $419.50 million for the year.
AMSC is currently trading at $36.90, down 2.83 or 7.12%, on a volume of 2.18 million shares on the Nasdaq.
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