AMSC posts Q3 $20.1m loss

AMSC chief executive Daniel McGahn (right)

AMSC narrowed its fiscal third quarter net loss to $20.1m, or $0.38 per share, from $26.2m, or $0.52 per share, a year earlier, as restructuring and impairment costs, and soft wind-related sales continued to act as a drag on earnings.

For the nine months ending 31 December, net loss was $46.3m, or $0.89 per share, versus $115.6m, or $2.28 per share, a year earlier.

Third quarter wind sales were $6.8m, compared with $10.12m a year earlier, as a customer in China could not accept delivery of certain turbine components or electrical control systems, according to chief executive Daniel McGahn. He declined to name the company or provide details about the transaction.

McGahn says while the customer paid promptly for the product in line with contract terms, it had to defer delivery. “So because…

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