AMSC 1Q loss narrows

AMSC, a Devens company that makes products for wind turbines and energy grids, reported a first-quarter net loss of $10.3 million, compared with a $37.7 million loss for the same quarter a year ago.

First-quarter revenue was $28.7 million, up from $9.1 million a year ago, AMSC said Thursday in a press release.

“With key contributions coming from China, Korea, and India in our wind segment and Australia and Romania in our grid segment, our revenue streams remained diverse and well balanced,’’ president and chief executive Daniel P. McGahn said in a statement. “This, coupled with the cost reduction initiatives that were put into place in past quarters, enabled us to once again improve our bottom-line performance while minimizing cash usage.’’


He added, “We expect our second-quarter revenues to be relatively flat year over year before growth returns in the second half of our fiscal year.’’

For the quarter ending Sept. 30, AMSC said it expects that its revenues will exceed $20 million. AMSC expects that its net loss for the second quarter will be less than $22 million.

AMSC, formerly known as American Superconductor, is embroiled in a lawsuit with Sinovel Wind Group, a Chinese wind turbine maker that was once AMSC’s largest customer. AMSC alleges that Sinovel stole its intellectual property. Sinovel once accounted for nearly 80 percent of AMSC’s revenues.

Jump To Comments