American Superconductor posts 3rd-quarter profit

(AP) — American Superconductor Corp., which licenses designs and installs electrical systems, said Tuesday its third-quarter revenue nearly doubled as it boosted sales to Chinese wind turbine manufacturers.

The Devens, Mass., company, whose largest customer is China's Sinovel Wind Co., also reversed its loss and posted a profit for the three-month period that ended Dec. 31.

Yet its stock fell 9 percent in afternoon trading as investors appeared disappointed that American Superconductor increased its fiscal 2009 guidance just slightly and reaffirmed its 2010 outlook, Broadpoint Amtech analyst John Hardy said.

"The report was actually pretty positive for the December quarter," he said. "Guidance was still positive but it's what we've heard before."

For the quarter that ended Dec. 31, American Superconductor reported 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, in the year-earlier quarter.

Revenue totaled $80.7 million compared with $41.3 million in the third quarter of fiscal 2008.

Analysts surveyed by Thomson Reuters forecast, on average, earnings per share of 14 cents on revenue of $76.7 million. These estimates typically exclude special items.

For fiscal 2009, American Superconductor forecast revenue ranging between $312 million to $315 million, which was higher than its previous forecast of $300 million to $310 million.

For fiscal year 2010, American Superconductor has predicted revenue of more than $400 million.

In addition to Sinovel, the company has received orders from four other Chinese wind turbine manufacturers in recent months, CEO Greg Yurek told analysts on a conference call.

Shares of American Superconductor fell $3.56, or 9 percent, to $36.19 in afternoon trading.