American Superconductor Surges on Higher Sales, Income Guidance

Tuesday, 02 Nov 2010 01:05 PM

 

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Nov. 2 (Bloomberg) -- American Superconductor Corp., a maker of wind turbine components and transmission lines, jumped the most in more than five months after management raised its forecast for the year ending March 31.

American Superconductor rose $2.39, or 7.4 percent, to $34.89 as of 12:25 p.m. in Nasdaq Stock Market composite trading. The shares, which earlier reached $35.43 for the biggest gain since May 17, have declined 15 percent this year.

Revenue for fiscal 2010 will be $430 million to $440 million, up from an earlier forecast of $420 million to $430 million, the Devens, Massachusetts-based company said today in a statement. Net income may more than double to 95 cents to $1 a share, the manufacturer said.

Before today, the company was expected to earn 89 cents on sales of $430 million, the average estimates of 12 analysts compiled by Bloomberg.

--Editors: Todd White, Alex Devine

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net.

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

© Copyright 2014 Bloomberg News. All rights reserved.

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