AMSC Earnings Preview
Esekla • 12 Comments
Esekla • 12 Comments
American Superconductor - Long Shot At A Big Payday
Sneha Shah • 14 Comments
Sneha Shah • 14 Comments
Today, 12:50 PM
Today, 10:22 AM
- Though American Superconductor (AMSC -6.9%) beat FQ4 estimates, the company is guiding for FQ1 revenue of $12M-$14M (below a 2-analyst $20.7M consensus, and down from $23.7M a year earlier) and EPS above -$0.94 (compares with a -$0.51 consensus, and year-ago EPS of -$0.72).
- The company blames "historical seasonality" at Indian wind turbine component client Inox Wind, while adding this seasonality has been "compounded by what has been described by Inox as a near-term working capital constraint."
- Wind division revenue fell $1.2M Y/Y in FQ4 to $19.9M. Grid (smart grid component) division revenue rose by $3.5M to $7.6M. Gross margin was 50.5%, R&D spend rose by $500K to $3.4M, and SG&A spend rose by $1.8M to $7.5M. AMSC ended FQ4 with $40.7M in cash, up $3M Q/Q.
- AMSC's FQ4 results, earnings release
Tue, Mar. 8, 5:46 PM
Tue, Mar. 8, 10:23 AM
- American Superconductor (AMSC +7%) is partnering with chemicals/materials giant BASF (OTCQX:BASFY) to "jointly develop an advanced low cost manufacturing process for second generation high temperature superconductor wire."
- AMSC: "In the joint development, AMSC’s manufacturing know-how for its Amperium® superconductor wire and BASF’s chemical solution deposition production technology will be combined. As part of the agreements, AMSC and BASF also entered into a royalty-bearing, non-exclusive license under which AMSC will provide BASF a specified portion of AMSC’s second generation (2G) high temperature superconductor (HTS) wire manufacturing technology."
- The agreements are expected to "result in the development of a potentially low cost manufacturing process at BASF and to enable AMSC to focus resources on driving down the total system cost." If all goes well, AMSC will be able to use wire produced by the manufacturing process in its HTS systems business.
Tue, Feb. 9, 10:24 AM
- Though the company beat FQ3 estimates, American Superconductor (AMSC -2.2%) is guiding for FQ4 revenue of $18M-$22M and EPS of "less than" -$0.70. That's unfavorable to a 3-analyst consensus of $22.6M and -$0.50.
- FQ3 details: Wind division revenue (wind turbine controls/systems) +14% Y/Y to $17.2M. Grid division revenue (smart grid components/systems) +40% to $8.5M. Gross margin rose to 25.3% from 14.9% a year ago.
GAAP operating expenses fell 10% Y/Y to $9.8M - $7M was spent on SG&A, and $2.8M on R&D. AMSC's cash balance rose by $1.1M Q/Q to $37.7M. Cash flow is expected to "approach neutral" in FQ4.
- AMSC's FQ3 results, earnings release
Dec. 30, 2015, 12:44 PM
Dec. 17, 2015, 12:45 PM
Dec. 17, 2015, 10:36 AM
- American Superconductor (NASDAQ:AMSC) has struck a long-term supply deal with Indian wind turbine maker/existing client Inox Wind, under which AMSC will supply electrical control systems (ECS) for Inox's entire 2MW product line. Under a separate deal, Inox will be able to "internally manufacture a limited portion of the ECS requirements for its 2MW product line as a second source based on AMSC's technology."
- AMSC's deliveries to Inox are due to start in FQ1 of FY16 (the June quarter). The company puts the total value of the new deals at $210M over three years, while adding "further revenues are expected for at least an additional three-year period during which AMSC will provide Inox with the majority of its 2MW ECS requirements under a preferred supplier arrangement."
- AMSC's hard-hit shares are now up 42% since the company hiked its FQ3 guidance last week.
Dec. 9, 2015, 5:40 PM
Dec. 9, 2015, 4:42 PM
- American Superconductor (NASDAQ:AMSC) now expects FQ3 (calendar Q4) revenue of $22M-$24M, above prior guidance of $19M-$22M and a 2-analyst $20.5M consensus. EPS is now expected to be above -$0.54 vs. prior guidance for EPS above -$0.62 and a -$0.61 consensus.
- CEO Daniel McGahn: "We now believe revenues in our Wind segment will be higher than we previously expected. As a result of these higher than anticipated revenues and improved collections, we now expect our cash flows in the third fiscal quarter to be roughly neutral, resulting in an expected ending balance of cash, cash equivalents and restricted cash at the end of the third fiscal quarter to be roughly equivalent to the balance at the end of the second fiscal quarter."
- Shares have jumped to $4.50 after hours. Ahead of the announcement, AMSC closed just $0.59 above a split-adjusted low of $3.26.
Nov. 3, 2015, 1:22 PM
- Along with missing FQ2 estimates, American Superconductor (AMSC -5.3%) is guiding for FQ3 revenue of $19M-$22M and EPS (excluding one-time items) above -$0.62. That's unfavorable to a consensus of $26.2M and -$0.45.
- Wind division (turbine component) revenue rose 82% Y/Y in FQ2 to $13.6M. Grid division (smart grid hardware) revenue rose 9% to $5.4M.
- Reducing losses: GAAP gross margin rose to 15.8% from 13.6% in FQ1 and -10.6% a year ago, SG&A spend fell by $1.2M Y/Y to $6.8M, and R&D spend fell slightly to $3M. AMSC ended FQ2 with $36.6M in cash, down from $42.6M at the end of FQ1.
- FQ2 results, PR
Aug. 31, 2015, 12:47 PM
Aug. 31, 2015, 9:41 AM
- Indian wind turbine maker Inox Wind has placed a $40M order for American Superconductor's (NASDAQ:AMSC) turbine electrical control systems. Shipments are expected to begin this quarter, with "the vast majority" expected to be finished by the end of FY15 (ends March '16).
- Inox placed a $15M order with AMSC a year ago. $6M worth of Asia-Pac grid product orders were announced last week.
Aug. 5, 2015, 12:46 PM
- American Superconductor (NASDAQ:AMSC) expects FQ2 revenue of $18M-$20M and EPS above -$0.65. Consensus is at $20M and -$0.70.
- Wind turbine component rose 137% Y/Y in FQ1 to $18.2M, and smart grid product revenue rose 37% to $5.6M. GAAP operating expenses fell by $800K Y/Y to $11.5M. Gross margin was 13.6% after being negative a year ago.
- Thanks to the company's stock offering, the cash balance rose to $42.6M from $24.5M at the end of FQ4.
- AMSC has fallen to fresh split-adjusted lows. Its market cap stands at $64.4M.
- FQ1 results, PR
May 28, 2015, 3:05 PM
- Though it beat FQ4 estimates, American Superconductor (NASDAQ:AMSC) is guiding for FQ1 EPS to be "less than" -$0.70; that's unfavorable to a -$0.63 consensus. Revenue guidance of $22M-$24M is in-line with a $23.6M consensus, and slightly below at the midpoint.
- Financials: FQ4 Wind division revenue (turbine components) +66% Y/Y to $21.2M. Grid division (smart grid components) +12% to $4.1M. SG&A spend fell by $3.8M Y/Y to $5.7M; R&D fell by $200K to $2.9M.
- Thanks in part to its $8.4M arbitration payment to Ghodawat, AMSC ended FQ4 with $24.5M in cash, down from $37.6M at the end of FQ3. A stock offering expected to yield net proceeds of $22.3M was launched last month.
- FQ4 results, PR
May 19, 2015, 9:16 AM
- The U.S. Navy has awarded American Superconductor (NASDAQ:AMSC) a contract worth up to $8.5M to provide high-temperature superconductor (HTS) ship-protection equipment.
- AMSC announced last month the Navy had "created a sole source solicitation notice" for the company's equipment, and that AMSC had "established a relationship with the Navy to develop HTS power cable hardware for ship board power applications."
- Shares have risen to $6.65 in premarket trading.
American Superconductor Corp. is a provider of megawatt-scale solutions that lower the cost of wind power and enhance the performance of the power grid. The company operates through two segments: Wind and Grid. The Wind segment enables manufacturers to field wind turbines with exceptional power... More
Industry: Diversified Electronics
Country: United States
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