Wind Unit Gains Are Not Enough To Rescue AMSC Yearly, Quarterly Financials

NAW Staff, Thursday 05 June 2014 - 15:26:52

Although Devens, Mass.-based AMSC posted healthy revenue gains in its wind segment, the increase was not nearly enough to rescue the company's top and bottom lines.

For the year ended March 31, AMSC reported that revenues were slightly lower at $84.1 million, compared with $87.4 million in revenue last year. While wind-related revenue grew 26% over last year, the growth was offset by lower grid revenue. AMSC improved upon a net loss, however. For the year, AMSC posted a loss of $56.3 million, narrower than the $66.1 million net loss the company posted last year.

For the quarter ended March 31, AMSC reported a slightly lower revenue of $16.3 million, compared with $20.4 million last year. AMSC's net loss for the fourth quarter of fiscal 2013 increased to $22.7 million from $19.8 million last year.

Through its Windtec Solutions business, AMSC provides wind turbine electronic controls and systems, designs, and engineering services. AMSC's Gridtec unit provides engineering planning services designed to optimize network reliability, efficiency and performance.


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