AMSC eyes Chinese wind energy market for its revenue growth
American Superconductor Corporation (AMSC) expects growth in China's wind energy market to be a primary contributor to its revenue growth in fiscal 2009, and it anticipates that new AMSC Windtec customers will initiate production toward the end of fiscal 2009.
For fiscal 2009, the company expects to grow revenues to more than $225 million with gross margin in the range of 28 to 30 percent.
The company also expects to be profitable on a GAAP basis for full year fiscal 2009.
"We currently have more than $150 million of firm orders in backlog that we expect to recognise as revenue in fiscal 2009," said Greg Yurek, AMSC's founder and chief executive officer.
"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," said Yurek.
The company expects revenues will grow to a range of $175 million to $185 million in its fiscal 2008 from approximately $112 million in fiscal 2007. The company also maintained its net loss guidance of $13 million to $15 million for fiscal 2008 and confirmed that it expects to generate its first profit based on US GAAP in the fourth quarter of fiscal 2008.
The company offers grid interconnection solutions as well as licenced wind energy designs and electrical systems.