Energy
American Superconductor Secures Over 2-Years Worth of Orders (AMSC)
Published:
American Superconductor Corp. (NASDAQ: AMSC) announced this morning that it has received a $450 million follow-on order from China’s Sinovel Wind Corp. Ltd. for core electrical components. The components will be used for 1.5 megawatt (MW) wind turbines in shipments scheduled to begin in January 2009 and increase in amount each year through the contract completion date in December 2011. As far as how this compares in size, the company generated $52.18 million in fiscal March 2007 and $96.8 million in fiscal March 2008. Back in may it had $199 million in backlog and gave guidance for the fiscal year March 2009 ahead in a range of $165 to $175 million.
American Superconductor closed at $36.08 yesterday and shares are indicated up almost $1.00 with almost no volume having traded hands with 1 hour and 40 minutes to the open. It trades about 818,000 per day and its market cap is $1.5 Billion with a 52-week trading range of $15.51 to $39.50.
Jon C. Ogg
June 10, 2008
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