(Corrects fiscal year in paragraph 7 to 2008 from 2009)
Dec 4 (Reuters) - Energy technology firm American Superconductor Corp AMSC.O said it expects a net profit in fiscal 2009 and forecast revenue for the period above Wall Street estimates, citing a strong order backlog and an estimated double-digit growth in its wind and power grid markets.
The company said it expects growth in China’s wind energy market to continue to be a main contributor to its revenue growth in fiscal 2009.
American Superconductor reaffirmed its outlook for fiscal 2008.
“We currently have more than $150 million of firm orders in backlog that we expect to recognize as revenue in fiscal 2009,” Chief Executive Greg Yurek said in a statement.
For 2009, the company sees revenue of more than $225 million, with gross margins of 28 percent to 30 percent.
Analysts on average were expecting the company to post a loss of 34 cents a share, on revenue of $176.7 million, for fiscal 2009, according to Reuters Estimates.
The Devens, Massachusetts-based company expects to post its first net profit in the fourth quarter of fiscal 2008.
Shares of American Superconductor closed at $13.27 Wednesday on Nasdaq.
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For the press release, please double click on [ID:nBw045230a] (Reporting by Mary Meyase in Bangalore; Editing by Vinu Pilakkott)
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