American Superconductor Corporation (NASDAQ: AMSC), a global power technologies company, today reported record financial results for the third quarter of its fiscal year 2010 ended December 31, 2010.
Revenues for the third quarter of fiscal 2010 increased 42 percent to $114.2 million from $80.7 million for the third quarter of fiscal 2009. Gross margin for the third quarter of fiscal 2010 was 40.7 percent, which compares with 37.5 percent for the third quarter of fiscal 2009.
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AMSC generated net income of $16.0 million, or $0.33 per diluted share, for the third quarter of fiscal 2010. This compares with net income for the third quarter of fiscal 2009 of $5.2 million, or $0.11 per share. The company generated non-GAAP net income of $19.8 million, or $0.40 per diluted share, for the third quarter of fiscal 2010. This compares with non-GAAP net income of $9.1 million, or $0.20 per share, for the third quarter of fiscal 2009. Please refer to the financial table included below for a reconciliation of GAAP to non-GAAP results.
Cash, cash equivalents, marketable securities and restricted cash at December 31, 2010 were $260.5 million. This compares with $131.2 million as of September 30, 2010 and $155.1 million as of March 31, 2010. The sequential and year-over-year increase was driven by the company’s November 2010 follow-on stock offering.
The company reported backlog as of December 31, 2010 of approximately $883 million compared with $956 million as of September 30, 2010 and $546 million as of December 31, 2009.
“In the third quarter – our sixteenth consecutive quarter of sequential revenue growth – we generated record power grid-related revenues of approximately $20 million,” said Greg Yurek, AMSC’s founder and chief executive officer. “Sales in the wind energy market, particularly in Asia, are expected to continue to be the growth engine for our company in the near term. At the same time, sales of our grid-related products, including D-VAR, D-VAR RT, SolarTie, Amperium wire and superconductor cable projects, are expected to become a much bigger contributor to our growth going forward.”
“Until recently, our longer term plan has been to achieve $1 billion in total revenues with operating margins in excess of 20 percent in our fiscal year 2015,” Yurek said. “However, with the capital we raised in our November 2010 equity offering, the strong global business and technology platforms we have built in the wind energy and power grid sectors, and the new growth strategies we are implementing, we believe we will be able to accelerate achievement of this objective by at least one year.”
Fiscal 2010 Financial Forecasts
“We expect to end our fiscal 2010 with another quarter of sequential revenue growth and strong profitability,” said David Henry, AMSC’s senior vice president and chief financial officer. “For the full year, we continue to expect revenues in the range of $430 million to $440 million. However, we are raising our net income forecast for the full fiscal year, which we expect will enable us to more than offset the dilutive effect of our recent stock offering on our earnings per share. Our net income forecast is being increased from a range of $44.0 million to $46.5 million, or $0.95 to $1.00 per diluted share, to a range of $48.0 million to $50.0 million, or $0.99 to $1.04 per diluted share. We also are increasing our non-GAAP net income guidance from a range of $60.5 million to $63.0 million, or $1.30 to $1.35 per diluted share, to a range of $64.5 million to $66.5 million, or $1.33 to $1.38 per diluted share.”
Please refer to the financial table included below for a reconciliation of GAAP to non-GAAP forecasts.
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Source:amsc , February 01, 2011
about 15 years ago
American Superconductor Corporation (NASDAQ: AMSC), a global power technologies company, today reported record financial results for the third quarter of its fiscal year 2010 ended December 31, 2010. Revenues for the third quarter of fiscal 2010 increased 42 percent to $114.2 million from $80.7 mill
