AMSC reduces net loss in Jan-Mar 2018

US wind and grid technology firm AMSC (NASDAQ:AMSC) on Wednesday reported a net loss of USD 6 million (EUR 5.1m) in its fourth fiscal quarter through March 2018, narrowing its year-ago deficit of USD 6.9 million.

On a non-GAAP basis, the net loss amounted to USD 5 million, as compared to a loss of USD 7.1 million in the closing quarter of fiscal 2016/17.

AMSC offers wind turbine electronic controls and systems, design and engineering services, and advanced grid systems. Revenues in the three months declined to USD 13.5 million from USD 16.2 million due to a drop in the wind segment, triggered by lower shipments of electrical control systems to India’s Inox Wind. The result was partly offset by increased grid segment revenues.

AMSC closed fiscal 2017/18 with a net loss of USD 32.8 million, expanding from USD 27.4 million a year before as revenues contracted to USD 48.4 million from USD 75.2 million. In spite of the decrease this year, the company expects fiscal 2018/19 to be “a year of revenue growth,” said president and CEO Daniel P McGahn, forecasting improved conditions in India’s wind power market and increased revenues in the grid segment. On a non-GAAP basis, net loss came at USD 32.2 million.

For the first quarter, AMSC guided for a net loss of below USD 7 million on a GAAP basis and less than USD 6.1 million on a non-GAAP basis. Revenues are expected to range from USD 11 million to USD 13 million.

(USD 1.0 = EUR 0.848)

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