American Semiconductor reports doubled profits in 2Q
American Superconductor Corp., which makes technologies for the power industry, said Tuesday its fiscal second quarter profit more than doubled as its revenue shot up 36 percent on strong demand from its customers. It raised its guidance for the full year.
Its shares rose $1.32, or 4.1 percent, to $33.82 in morning trading.
The company, which is based in Devens, said its net income rose to $10.0 million, or 22 cents per share, for the three months ended Sept. 30 from $4.3 million, or 10 cents per share, a year ago.
Excluding one-time items, it earned 32 cents a share. Analysts surveyed by Thomson Reuters expected earnings of 28 cents a share.
Revenue rose to $101.5 million from $74.7 million a year ago. Analysts expected $101 million in revenue.
It was the fifteenth straight quarter of revenue growth for the company. AMSC said its high temperature wires business recently booked an order for 3 million meters of wire, the biggest order the company has ever gotten.
The company added that a recent investment in wind turbine manufacturer Blade Dynamics Ltd. enables it to capitalize on the growing renewable energy industry.
Enlivened by the quarter's results, AMSC raised its full-year guidance for earnings excluding items to between $1.30 to $1.35 a share on revenue of $430 million to $440 million. Its previous guidance was for earnings of $1.20 to $1.25 a share excluding items on revenue of $420 million to $430 million.
Analysts expected full-year earnings of $1.25 per share on revenue of $430.7 million.