By Boston Business Journal

Profit at American Superconductor Corp. rose sharply year-over-year in the recent quarter and the company upped its revenue forecast for the fiscal year.

The Devens, Mass.-based company reported profit of $9.2 million for the three months ended June 30, which is the companyâ¿¿s fiscal first quarter. The company saw $1.8 million in profit during the same period in 2009.

In the earnings release, CEO Greg Yurek said it marked the sixth consecutive quarter of profitable growth for American Superconductor.

The company increased its revenue forecast for fiscal 2010, which ends next March 31, from a range of $415 million to $425 million to a range of $420 million to $430 million.

Revenue for the recent quarter came in at $97.2 million, a 33 percent jump over the same period in the previous year, when revenue was $73 million.

American Superconductor (Nasdaq: AMSC) does most of its business in Asia and has seen a flurry of orders for its wind turbine designs and controls systems from companies in China. Among them was a $445 million contract with Chinaâ¿¿s largest wind turbine manufacturer, Sinovel Wind Group Co., announced in May. The multi-year order is for core electrical equipment to be used in Sinovelâ¿¿s first 5-megawatt turbines.

The company reported a backlog as of June 30 of approximately $952 million, compared with approximately $588 million as of March 31. The company said the increase is mainly related to the multi-year order with Sinovel.

American Superconductor has worked with Sinovel since 2005, and the company accounted for 70 percent of American Superconductorâ¿¿s revenue during fiscal year 2009.

Copyright 2010 American City Business Journals
Copyright 2010