UPDATE 2-American Superconductor Q3 profit tops Street

* Q3 adj EPS $0.20 vs est $0.14

* Revenue jumps 95 pct

* Raises full-year outlook
(Recasts; adds details)

Feb 2 (BestGrowthStock) – American Superconductor Corp (AMSC.O: ),
which makes electrical systems for wind farms and turbines,
posted better-than-expected quarterly profit, helped by strong
wind-related revenue, and raised its full-year outlook.

The energy technology company, whose prime customer is
China’s Sinovel Wind, sees 2009 earnings of 31 cents to 33
cents a share, up from its prior view of 24 cents to 29 cents a
share.
On an adjusted basis, it expects profit of 65 cents to 67
cents a share, compared with its earlier view of 59 cents to 64
cents a share.

Sinovel accounts for about 75 percent of American
Superconductor’s total revenue. The company — which also
offers smart grid infrastructure technologies — has a total of
13 customers in the wind industry, of which five are in China.

American Superconductor now sees 2009 revenue of $312
million to $315 million, up from its previous forecast of $300
million to $310 million.

“With several wind turbine manufacturing customers in
volume production, many others set to begin production over the
next 12 months and new power grid orders continuing to be
closed, the foundation has been set for further growth in
fiscal 2010 and beyond,” Chief Executive Greg Yurek said in a
statement.

American Superconductor is also part of the Tres Amigas
renewable energy market hub, which will enable buying and
selling of electricity between the three U.S. power grids.

For the third quarter ended Dec. 31, the company posted a
net income of $5.2 million, or 11 cents a share, compared with
a net loss of $7.8 million, or 18 cents a share, a year ago.

On an adjusted basis, the company earned 20 cents a share,
topping analysts’ average expectation of 14 cents a share,
according to Thomson Reuters I/B/E/S.

Revenue rose 95 percent to $80.7 million. Analysts were
expecting revenue of $76.7 million.

Revenue at American Superconductor’s power systems business
— which supplies electrical systems used in wind turbines —
doubled to $77.0 million.

Shares of the company closed at $39.75 Monday on Nasdaq.

Investment
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by
Aradhana Aravindan)

UPDATE 2-American Superconductor Q3 profit tops Street