US wind and grid technology firm AMSC (NASDAQ:AMSC) reduced its net loss in the July-September quarter of 2015 and reported 52% higher revenues thanks to its wind business.
The GAAP net loss for the period, which represents the company’s second fiscal quarter, was USD 7.7 million (EUR 7m), narrowing from USD 25.4 million a year ago. The prior-year result included a USD-10.2-million one-off charge for settlement of an arbitration award and USD 3.7 million in restructuring and impairment charges.
The non-GAAP loss for the reporting period was USD 8.7 million, which compares to USD 11.8 million a year back. The table below contains further details on AMSC’s second-quarter performance and its forecast for the October-December period.
|Results in USD
||Q2 FY 2015/16
||Q2 FY 2014/15
|GAAP net loss
|-- per share
||less than 0.40
|Non-GAAP net loss
|-- per share
||less than 0.62
AMSC said it expects its bottom line in the third fiscal quarter to include a gain of USD 2.5 million related to the sale of a minority equity stake in Blade Dynamics, which was bought in October by General Electric Company (NYSE:GE).
The company provides wind turbine electronic controls and systems, designs and engineering services, as well as advanced grid systems.
(USD 1 = EUR 0.913)
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