for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

CORRECTED - CORRECTED-UPDATE 1-American Superconductor sees net profit in FY

(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.

For the alerts, please double click on [ID:nWNAB9562]

For the press release, please double click on [ID:nBw045230a] (Reporting by Mary Meyase in Bangalore; Editing by Vinu Pilakkott)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up