Stock Track | American Superconductor Soars on Strong Q2 Earnings and Robust Outlook

Stock Track10-31

Shares of American Superconductor Corporation (AMSC) surged 7.88% on October 31, 2024, following the company's impressive fiscal second-quarter 2024 earnings report released after the market close on October 30. The strong financial results and positive outlook for AMSC's power grid resiliency solutions fueled investor confidence, driving the stock's significant rally.

For the quarter ended September 30th, AMSC reported revenue of $54.5 million, a remarkable 60% increase compared to the same period last year. This robust top-line growth was driven by the acquisition of NWL, Inc. and higher shipments of new energy power systems and electrical control systems. The company's net income for the quarter stood at nearly $5 million, a significant turnaround from the $2.5 million net loss in the year-ago period.

Notably, AMSC's adjusted non-GAAP net income soared to $10 million, up significantly from less than $0.1 million a year earlier. The company attributed its stellar performance to successful execution and increasing momentum from its focus on enhancing power grid resiliency solutions. Analysts on Wall Street were highly positive on the results, with AMSC handily beating consensus estimates for both earnings and revenue in the second quarter.

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