American Superconductor Corp. (AMSC) reported first-quarter net income of $9.2 million, or $0.20 per share, compared with net income of $1.8 million, or $0.04 per share in the first quarter of fiscal 2009.
Non-GAAP net income was $13.0 million, or $0.28 per share for the first quarter of 2010, up from $5.5 million or $0.12 per share in the prior year quarter.
Revenues for the quarter rose 33% to $97.2 million from $73.0 million last year. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share on revenue of $93.39 million for the period. Analysts' estimate typically exclude special items
Looking ahead to fiscal 2010, the company raised its net income forecast to a range of $39.5 million - $42.0 million, or $0.85 - $0.90 per share from prior range of $37.5 million - $40.0 million or $0.80 - $0.85 per share.
Non-GAAP net income for the year is now projected in a range of $56.0 million - $58.5 million, or $1.20 - $1.25 per share, compared to prior outlook of $54.0 million - $56.5 million, or $1.15 - $1.20 per share.
Revenue is now expected between $415 million and $425 million versus prior range of $420 million to $430 million. Wall Street analysts estimate earnings of $1.19 per share on revenue of $423.65 million for the year.
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