Key Developments For American Superconductor Corporation
American Superconductor Corporation (AMSC.O) (Nasdaq)
American Superconductor Corporation Reaffirms FY 2009 Guidance; Issues FY 2010 Revenue Guidance; EPS Guidance Above Analysts' Estimates
American Superconductor Corporation reaffirmed its fiscal 2009 guidance and expects revenues to a range of $300 to $310 million, GAAP net income of $11 to $13 million, or $0.24 to $0.29 per diluted share and on a non-GAAP basis, the Company continues to expect net income of $27 to $29 million, or $0.59 to $0.64 per diluted share. For fiscal 2010, it expects to grow revenues to more than $400 million, GAAP net income of more than $36 million, or more than $0.77 per diluted share, and a non-GAAP profit of more than $54 million, or more than $1.15 per diluted share. According to Reuters Estimates, analysts were expecting the Company to report non-GAAP EPS of $0.60 on revenue of $305 million for fiscal 2009; non-GAAP EPS of $1.04 on revenue of $407 million for fiscal 2009
American Superconductor Corporation Receives Second Wind Turbine Electrical Control Systems Order From Hyundai Heavy Industries
American Superconductor Corporation announced that it has received a follow on order for 30 sets of electrical control systems from Hyundai Heavy Industries Co., Ltd. (Korean Stock Exchange: HHI) for its 1.65 megawatt (MW) wind turbines now in production in South Korea. The Company also has received an electrical control systems order for HHI`s 2 MW wind turbine prototypes. All of the systems will be shipped to HHI by the end of May 2010.
American Superconductor Corporation Receives $10 Million Order For Wind Turbine Core Electrical Components
American Superconductor Corporation announced that it has received a follow on order for $10 million worth of wind turbine core electrical components from China`s CSR Zhuzhou Electric Locomotive Research Institute Co., Ltd. (CSR-ZELRI). CSR-ZELRI will use the components in the 1.65 megawatt (MW) wind turbines designed by AMSC`s wholly owned AMSC Windtec subsidiary.
American Superconductor Corporation Raises FY 2009 Guidance; Issues Q3 2009 EPS Guidance Above Analysts' Estimates; Comments On Q4 2009 EPS Guidance
American Superconductor Corporation announced that for fiscal 2009, the Company increased revenue guidance from a range of $260-$270 million to a range of $300-$310 million. GAAP net income forecast for fiscal 2009 is being increased from a range of $5.0-$7.0 million, or $0.11-$0.16 per diluted share, to a range of $11.0-$13.0 million, or $0.24 to $0.29 per diluted share. AMSC's non-GAAP net income forecast has increased from a range of $18-$21 million, or $0.41-$0.47 per diluted share, to a range of $27.0-$29.0 million, or $0.59-$0.64 per diluted share. The Company expects to generate a GAAP profit in the third quarter of 2009, whereas it previously forecasted the potential for a small GAAP net loss. Non-GAAP earnings per share for the third quarter of 2009 are expected to be approximately half of second quarter of 2009 non-GAAP earnings per share due to lower-margin shipments and a planned increase in operating expenses to support future growth. Earnings are expected to increase again in fourth quarter of 2009, consistent with current full fiscal year forecast. The Company reported EPS of $0.19 in second quarter of 2009. According to Reuters Estimates, analysts were expecting the Company to report revenues of $273 million, net profit of $21.1 million and EPS of $0.44 for fiscal 2009; EPS of $0.07 for third quarter of 2009; EPS of $0.13 for fourth quarter of 2009.
American Superconductor Corporation Signs Additional Power Grid Contracts In Australia
American Superconductor Corporation announced that its D-VAR grid interconnection solution has been ordered for two additional wind farms under construction in Australia. Both of the D-VAR solutions included in these new contracts will be deployed to enable wind farms to meet local grid interconnection requirements. The Company will provide a D-VAR system to Suzlon Energy Australia Pty. Ltd., a subsidiary ofIndia's Suzlon Energy Limited, for the 132 megawatt (MW) AGL Hallett 4 (North Brown Hill) Wind Farm being erected outside of Jamestown, South Australia. AMSC also will provide a D-VAR system to Consolidated Power Projects Australia Pty Ltd. for Roaring 40s Renewable Energy Pty Ltd.'s 111 MW Waterloo Wind Farm currently under construction approximately 100 kilometers north of Adelaide in South Australia. Both D-VAR systems will be delivered within the next six months.
