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American Superconductor Corporation (AMSC)

  • Thu, Feb. 5, 2:28 PM
    • American Superconductor (AMSC +2.5%) is guiding for FQ4 revenue of $23M-$25M, below a $25.8M consensus. However, EPS guidance of "less than" -$0.07 is above a -$0.11 consensus.
    • After falling 49% Y/Y in FQ2, AMSC's Wind division (turbine component) revenue rose 12% Y/Y in FQ3 to $15.1M. Grid division (smart grid component) revenue fell 13% to $6.1M, after dropping 47% in FQ2.
    • Gross margin fell to 14.8% from 22.9% a year ago. Operating expenses fell 4% to $10.9M (compares with 4% revenue growth). Thanks to AMSC's recent stock/warrant offering, its cash balance only fell by $600K Q/Q to $37.6M.
    • CEO Daniel McGhan: "Our baseline revenue is driven by our two established product lines: electrical control systems for wind turbines and D-VAR® reactive compensation systems. We also remain focused on the proliferation of our two disruptive solutions: ship protection systems for the U.S. Navy and Resilient Electric Grid systems for electric utilities."
    • Though higher today, shares remain well below where they traded a few months ago.
    • FQ3 results, PR
    | Comment!
  • Wed, Jan. 21, 6:22 PM
    • After dropping 6.5% today to new lows, American Superconductor (NASDAQ:AMSC) is down 19% over the last two trading days. Shares fell as low as $0.58 before bouncing a little.
    • The smart grid/wind turbine component maker's market cap is down to $53M, not counting dilution related to the company's November stock/warrant sale. With cash flow concerns still running high, shares go for less than 0.5x an FY16 (ends March '16) revenue consensus of $111.9M.
    • Cowen provided bullish coverage last month.
    • Update: In an 8-K filed after today's close, AMSC says it has been warned by the Nasdaq it's not in compliance with its $1 minimum bid requirement. The company has until July 13 to regain compliance. AMSC also says its Austrian unit has reached a settlement with insurance firm Catlin regarding reimbursement for an $11M arbitration award AMSC was ordered to pay ex-licensee Ghodawat Energy.
  • Dec. 22, 2014, 10:04 AM
    • With shares having lost ~3/4 of their value over the last two years, Cowen's Jeffrey Osborne has launched coverage on American Superconductor (NASDAQ:AMSC) with an Outperform rating and $1.25 target.
    • Though admitting AMSC has seen "a large drop in its core customer base and broader revenue potential" in recent years, Osborne is pleased with the company's efforts to grow its offerings for Indian/Chinese wind manufacturers, and to go after superconductor wire opportunities in both the smart grid and industrial markets.
    • Osborne: "We like [AMSC's] current positioning for potential upside in wind market dynamics and adoption of smart grid technologies, especially given its product diversification and recent trimming and refining of its workforce and overhead."
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  • Dec. 1, 2014, 2:24 PM
    • Ultracapacitor vendor Maxwell (MXWL -7.8%) and smart grid/wind turbine component vendor American Superconductor (AMSC -6.5%) are among the slew of tech names seeing 5%+ declines today. AMSC has made fresh 52-week lows.
    • The declines come amid a major rout in energy and solar stocks following OPEC's Thursday decision to keep oil production unchanged.
  • Nov. 13, 2014, 4:03 PM
    • American Superconductor (NASDAQ:AMSC) filed an 8-K this morning regarding its $9M stock/warrant offering, originally announced last Friday.
    • Shares made fresh 52-week lows on volume that was over 4x the company's 3-month average of 476K.
  • Sep. 16, 2014, 9:20 AM
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  • Sep. 4, 2014, 10:13 AM
    • An ICC arbitration court has ruled American Superconductor's (NASDAQ:AMSC) Austrian subsidiary breached a 2008 license agreement with former Indian wind turbine tech licensee Ghodawat Energy, and has awarded Ghodawat $11M in damages and costs.
    • AMSC says it believes it has "sufficient available liquidity to satisfy the award, if required, and to fund its operations for at least the next twelve months." The company had $42.8M in cash at the end of FQ2 (its June quarter).
    • A $10.5M FQ3 charge is expected to be recorded for the ICC ruling.
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  • Sep. 4, 2014, 9:10 AM
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  • Aug. 21, 2014, 5:35 PM
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  • Aug. 21, 2014, 9:53 AM
    • American Superconductor (NASDAQ:AMSC) has received a $15M follow-on order from India's Inox Wind for electrical control systems to be used in Inox's wind turbines. The majority of the shipments are expected to occur in FY15 (ends March '16).
    • AMSC notes the order is the seventh it has received from Inox since the company began making 2MW turbines through a license obtained from AMSC in 2009, and that Inox's planned IPO will provide it with fresh capital.
    • The company is reiterating FY14 (ends March '15) guidance for revenue to be flat to slightly down Y/Y. In the June quarter, AMSC's wind division sales fell 48% Y/Y due to soft Chinese demand.
    | Comment!
  • Aug. 5, 2014, 9:39 AM
    • American Superconductor (NASDAQ:AMSC) expects FQ2 revenue to be "flat to slightly higher" Q/Q; the consensus is for revenue to rise 78% Q/Q to $20.8M. EPS is expected to be above -$0.19; consensus is at -$0.12.
    • FQ1 Wind division revenue -40% Q/Q and -48% Y/Y to $7.7M due to lower Chinese sales. Grid division revenue +12% Q/Q and -52% Y/Y to $4M; the Y/Y drop is due to lower D-VAR voltage regulation system sales.
    • Gross margin was -3.3%, down from 22.1% a year ago. Opex (includes $1.2M in restructuring/impairment charges) fell 12% Y/Y to $12.3M.
    • AMSC ended FQ1 with $42.8M in cash, down from $49.4M at the end of FQ4.
    • FQ1 results, PR
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  • Jul. 17, 2014, 12:46 PM
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  • Jul. 16, 2014, 12:37 PM
  • Jul. 16, 2014, 11:01 AM
    • Utility giant Exelon's (NYSE:EXC) ComEd unit has "agreed to develop a deployment plan" for using American Superconductor's (NASDAQ:AMSC) high-temperature superconductors to "build a superconducting cable system that will strengthen Chicago's electric grid."
    • ComEd declares linking its urban infrastructure with the superconductor system will "provide added reliability, resiliency and security to Chicago's Central Business District."
    • More than 3 miles of superconductor cable will be installed; ComEd calls the effort "the most extensive superconductor project of this nature in the world."
    • AMSC is near $2 for the first time since March. Volume is already over 4x its daily average. Over 12% of the float was shorted as of June 30.
  • Mar. 19, 2014, 12:35 PM
    • American Superconductor (AMSC +3.3%) now expects FQ4 (March quarter) revenue of $14M-$16M and EPS of -$0.14 to -$0.16 vs. prior guidance of $16M+ in revenue and EPS of -$0.18 or greater, and a consensus of $17M and -$0.18. The company expects to be net cash flow positive for FQ4.
    • AMSC also says it's: 1) Shutting down a Middleton, WI smart grid component facility, and transitioning the unit to its Devens, MA HQ. 2) Adjusting headcount at its Chinese wind turbine component facility, which will now be focused on the local market. 3) Setting up a turbine control systems manufacturing center in Romania.
    • The moves are expected to lower AMSC's headcount by 5%-10% by year's end, result in $4M-$6M in charges, and yield $3M/year in cost savings.
    | 1 Comment
  • Mar. 11, 2014, 12:44 PM
    • An rally that has already yielded huge gains for fuel cell and other alternative energy stocks is now propelling smart grid/wind turbine maker American Superconductor (AMSC +12.8%) higher.
    • Last month, AMSC rallied on an FQ3 beat and a favorable legal ruling in its long-running battle against ex-customer Sinovel. 9% of the float was shorted as of Feb. 14.
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Company Description
American Superconductor Corp is a provider of megawatt-scale solutions. It operates its business under two market-facing business units: Wind and Grid.