Update: AMSC shrinks fiscal Q3 loss

AMSC chief executive Dan McGahn

AMSC chief executive Dan McGahn

AMSC said today that its rebound remains on track, with the US wind-power technology group sharply cutting its losses in the most recent quarter, sending its share price surging in pre-market trading.

Still recovering from its 2011 fallout with China’s Sinovel, formerly its largest customer, AMSC reduced its net loss in the three months to 31 December to $8.4m – compared to net losses of $20.1m in the year-ago period and $14.6m in the previous quarter.

Revenue grew to $20.6m, from $17.4m a year ago.

The sales growth came from AMSC’s wind segment – and “primarily from customers in India and China” – more than offsetting weak revenues from the company’s grids unit.

The amount of cash at AMSC’s disposal also grew during the quarter.

“We increased Log in to read complete article.

Become a Recharge subscriber!

Or try our free trial.

Order Subscription

Already a member?

Login


Recharge Monthly Magazine