AMSC Reports First Quarter Fiscal 2018 Financial Results

AMSC (NASDAQ:AMSC) reported its financial results for its first quarter of fiscal 2018 with the company posting revenues of US$12.6 million as compared to US$8.9 million in the prior quarter.

The company, a global solutions provider serving wind and power grid industry also provided the business outlook for the second quarter ending September 30, 2018. AMSC expects that its revenues will be in the range of US$13 million to US$15 million.

As quoted in the press release:

The year-over-year increase was driven by higher Grid segment revenues versus the year ago period, coupled with higher Wind segment revenues, due to increased shipments of electric control systems to Inox during the first quarter of fiscal 2018.

AMSC’s net loss for the first quarter of fiscal 2018 was $4.7 million, or $0.23 per share, compared to $15.3 million, or $0.91 per share, for the same period of fiscal 2017. The Company’s non-GAAP net loss for the first quarter of fiscal 2018 was $3.6 million, or $0.18 per share, compared with a non-GAAP net loss of $15.4 million, or $0.92 per share, in the same period of fiscal 2017. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Cash, cash equivalents and restricted cash on June 30, 2018 totaled $26.9 million, compared with $34.2 million at March 31, 2018.

“Our Grid segment delivered strong results in the first quarter of fiscal 2018,” said Daniel P. McGahn, President and CEO, AMSC. “We expect revenue growth in our Grid business again this year and revenue growth in our Wind segment this year, driven by what we anticipate will be a recovery in the wind market in India.”

Business Outlook
For the second quarter ending September 30, 2018, AMSC expects that its revenues will be in the range of $13 million to $15 million.  The Company’s non-GAAP net loss (as defined below) is expected not to exceed $6 million, or $0.29 per share.  The Company expects non-GAAP operating cash flow (as defined below), exclusive of any net proceeds received by the Company from the Sinovel settlement, to be from break-even to a burn of $2 million in the second quarter of fiscal 2018.  The Company expects to net approximately $27 million in proceeds (after expenses and taxes) from the first payment of the Sinovel settlement received on July 4, 2018.  The Company expects cash, cash equivalents and restricted cash on September 30, 2018, to be no less than $53 million. The Company’s net income for the second quarter of fiscal 2018 is expected to be no less than $21 million, or $1.01 per share.

Click here for the full press release.