American Superconductor says fourth-quarter profit up nearly 4 times, beats Street estimates

American Superconductor posts 4th-quarter profit

DEVENS, Mass. — American Superconductor Corp., which makes equipment for power generators and utilities, on Thursday said earnings nearly quadrupled from last year, and beat analyst expectations.

For the fiscal fourth quarter that ended March 31, American Superconductor reported net income of $4.9 million, or 11 cents a share, compared with net income of $1.3 million, or 3 cents a share, in the year-earlier quarter.

Revenue totaled $87.6 million, up 43 percent from $61.2 million in the fourth quarter of fiscal 2008.

Excluding the cost of stock-based compensation, amortization and some tax effects, earnings were 18 cents per share. Analysts surveyed by Thomson Reuters had forecast, on average, earnings per share of 16 cents per share on that basis, and revenue of $85 million.

For the full fiscal year, American Superconductor earned $16.2 million, or 36 cents per share, reversing last year’s loss, on revenue of nearly $316 million.

The Devens-based company said it expects net income for the new fiscal year will be $37.5 million to $40 million, or 80 cents to 85 cents per share. Excluding stock-based compensation and amortization, it expects earnings of $1.15 to $1.20 per share, bracketing the average analyst forecast at $1.17.

The company put revenue for the fiscal year at $415 million to $425 million, again bracketing the analyst forecast at $421.7 million. Previously, American Superconductor had said it expected revenue of more than $400 million.

Shares of American Superconductor rose $1.66, or 5.7 percent, to $30.90 in morning trading.