Recession not dimming wind power business’ outlook

Posted on December 5, 2008. Filed under: Economic development, Wind |

From an article by Jeff Richgels in The Capital Times:

Boosted by continued strong demand for its wind power business based in Middleton, American Superconductor Corp. on Thursday announced it expects to turn a net profit for the first time in fiscal 2009 and forecasted revenues far above the estimates of Wall Street analysts.

The Devens, Mass.-based company said it expects growth in China’s wind power market to continue to be a main contributor to its growth. For its fiscal 2009, which begins April 1, the company projects revenues of more than $225 million with gross margins of 28 percent to 30 percent.

Analysts on average were expecting the company to post a loss of 34 cents a share, on revenues of $176.7 million, for fiscal 2009, according to Reuters Estimates.

“We currently have more than $150 million of firm orders in backlog that we expect to recognize as revenue in fiscal 2009,” CEO Greg Yurek said in a statement. “Based on this backlog and the double-digit growth we expect in our core wind and power grid markets over the next year, we are confident that we will continue to increase revenues and enhance our bottom-line performance.”


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