American Superconductor Inks $10M Wind Deal

By Boston Business Journal

American Superconductor Corp. (NASDAQ: AMSC) said Tuesday that it has received a $10 million order from a South Korean firm for wind turbine electrical control systems.

The Devens, Mass.-based company said the order is from Doosan Heavy Industries & Construction Co. Ltd., and will be used in 3-megawatt wind turbines, both onshore and offshore. The company said it expects to ship the control systems between the middle of this year and mid-2012.

American Superconductor said Doosan is the seventh customer to place a volume order for wind turbine control systems during the past 12 months.

The company said in November that revenue for the most recently completed quarter was $101.5 million, up from $74.7 million for the second fiscal quarter of 2009, while year-over-year profit more than doubled to $10 million . The companyâ¿¿s revenue forecast for the full fiscal year increased from a range of $420 million to $430 million to a range of $430 million to $440 million, representing more than 36 percent in growth compared with fiscal 2009.

Concerns that the company may rely too heavily on its largest customer, Chinese wind turbine maker Sinovel Wind Group Co., led the stock to slide last month. The companyâ¿¿s stock closed down 32 percent for the year, at $28.59, but rose 3 percent on Monday.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/boston/news/2011/01/04/american-superconductor-inks-10m-wind.html?ana=thestreet

Copyright bizjournals.com 2010

More from Commodities

U.S. Drillers at Mercy of Iran, Saudi Production Spat as OPEC Meeting Begins

U.S. Drillers at Mercy of Iran, Saudi Production Spat as OPEC Meeting Begins

Oil Prices Slide as Saudi Energy Minister Suggests OPEC Output Deal Imminent

Oil Prices Slide as Saudi Energy Minister Suggests OPEC Output Deal Imminent

Goldman Is Bullish on Oil, Sees Demand Outweighing Inventory Concern

Goldman Is Bullish on Oil, Sees Demand Outweighing Inventory Concern

Market Bears Have Devoured Gold Prices

Market Bears Have Devoured Gold Prices

Chevron Falls With Crude After Mizuho Analyst Touts Its Mega-Assets

Chevron Falls With Crude After Mizuho Analyst Touts Its Mega-Assets