ASMC raises 2008 loss estimate

Energy equipment supplier American Superconductor Corp. said today that it expects to post a greater loss during 2008 than it initially anticipated.

The company updated its net loss guidance to between $13 million and $15 million, or 30 cents to 35 cents per share, from its previous estimate of $9 million to $12 million, or 21 cents to 28 cents per share.

That exceeds the estimates of analysts surveyed by Thomson Financial who, on average, expect a loss of 21 cents per share.

American Superconductor attributed its guidance adjustment to the significant increase in its first-quarter stock valuation and the resulting increase in non-cash charges associated with stock compensation, the mark-to-market adjustment on its warrant and other non-operating factors.

The company also increased its revenue guidance by $10 million to a range of $175 million to $185 million.

Shares of American Superconductor fell $5.91, or 16.4 percent, to $30.16 in morning trading.
(AP)