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MHT's Galen Moore: N.E. firms target individual carbon footprints
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-based company reported profit of $9.2 million for the three months ended June 30, which is the company’s fiscal first quarter. During the same period in 2009 the company saw $1.8 million in profit.
American Superconductor 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 China’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 Sinovel’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.
Revenue during 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 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.
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