American Superconductor Posts 1st-ever Profit

DEVENS, Mass. (AP) — American Superconductor Corp., which makes equipment for power generators and utilities, reported the first quarterly profit in company history Thursday on a 60 percent jump in revenue.

The company earned $1.3 million, or 3 cents per share, reversing a year-ago loss of $1.8 million, or 4 cents per share. Excluding one-time costs, earnings totaled 9 cents per share.

Revenue climbed to $61.2 million from $38.4 million.

Analysts, who typically exclude one-time losses or gains, expected a profit of a penny per share on sales of $57.9 million, according to a Thomson Reuters poll.

Shares fell 3 cents to $24.41 in morning trading.

American Superconductor's profit outlook for fiscal year 2009 far outstripped expectations. The company projected adjusted earnings of 27 cents to 30 cents per share, compared with the average forecast of 5 cents.

The company's sales estimate fell short at $225 million to $235 million, compared with the average prediction of $241.6 million.

The full-year loss for fiscal 2008, which ended for the company March 31, came to $16.6 million, or 39 cents per share. That compares with a loss of $25.4 million, or 65 cents per share, in fiscal 2007.

Revenue for the year grew to $182.8 million from $112.4 million.