Thursday, November 19, 2009

AMSC expects $400M in revenue next year

By Jackie Noblett

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American Superconductor Corp. CEO Gregory Yurek says the energy technology component company’s revenue will grow by a third next year to $400 million.

The Devens-based company (Nasdaq: AMSC) made the announcement prior to the start of its analyst conference Thursday while also reaffirming 2009 revenue estimates of $300 million to $310 million and net income of $11 million to $13 million. AMSC posted $183 million in revenue in 2008.

“With more than $300 million of fiscal 2010 backlog in hand today, we have a strong platform to grow our total revenues to more than $400 million in fiscal 2010,” Yurek said in a statement. 

AMSC announced on Tuesday that it received a new $10 million order for wind turbine components from a Chinese wind turbine maker.