American Superconductor profit jumps

Energy equipment supplier American Superconductor Corp. said today that its fourth-quarter loss narrowed 84 percent on wind power and electric utility sales.

Net loss dropped to $1.8 million or 4 cents per share from $11.4 million in 2007.

Sales more than doubled to $38.4 million from $19.1 million.

Analysts polled by Thomson Financial expected a loss of 11 cents per share on sales of $34.8 million.

Analysts typically exclude one-time items, which in this quarter included $3.6 million in restructuring charges related to business consolidation in Massachusetts.

Chief executive Greg Yurek said in a statement that the company's strong revenues came from commercial sales in the wind power and electric utility markets.

For the 2008 fiscal year, the company's loss also narrowed on higher sales.

It lost $25.5 million or 65 cents per share, down from $34.7 million or $1.04 per share in fiscal 2007.

Sales jumped to $112.4 million from $52.2 million.

Shares in the Central Massachusetts company fell 3 cents to $24.64 in premarket trading. The company's shares trade on the Nasdaq Stock Market.(AP)