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.

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