AMSC's net loss widens to USD 10.5m in Q1 FY 2013/14
Aug 8, 2013 - US energy-tech company AMSC (NASDAQ:AMSC) posted yesterday a net loss of USD 10.5 million (EUR 8m) in its first fiscal quarter through June, slightly expanding its year-ago deficit that amounted to USD 10.3 million.
The company, which provides solutions for the wind and power grid industries, posted an April-June non-GAAP loss of USD 8.1 million, compared to USD 11 million in the same quarter of its previous fiscal year.
The company's first-quarter revenues declined to USD 23.1 million from USD 28.7 million. Still, the result improved by 13% quarter-on-quarter due to higher revenues at AMSC's wind division.
Looking ahead, the US firm guided for a net loss of less than USD 17 million in its second quarter through September, and a non-GAAP net loss of below USD 12 million. Second-quarter sales are projected to rise above USD 23 million. In addition, the company reiterated its forecast for annual revenue growth of over 25% in fiscal 2013/14 as compared to 2012/13.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.