AMSC sees turning point in fourth quarter results

Lack of business from its former largest customer Sinovel and now courtroom opponent caused AMSC's revenues to plummet in the fourth quarter and full 2011 fiscal year, by 52.2% and 73.3%, respectively.

But the Massachusetts maker of wind turbine power electronics and control systems says its fiscal fourth quarter, ended 31 March, was its strongest of the year, with promising growth opportunities and nearly $300m in order backlog. Fourth quarter revenue of $28.6m was up 58% from the third quarter on growth in both its wind and grid segments.

AMSC recorded a loss in the quarter of $21.2m, $0.42 per share, a significant improvement over the loss of $185.1m, $3.67 a share, in the year-earlier period.

"What a difference a year makes," says…

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