American Superconductor 4Q revenue declines
DEVENS, Mass. (AP) — American Superconductor's fourth-quarter narrowed as expenses declined, but revenue fell as well and shares slid in premarket trading Friday.
The company lost $19.8 million, or 35 cents per share, for the period ended March 31. That compares with a loss of $21.2 million, or 42 cents per share, a year earlier.
Excluding a charge related to a class-action lawsuit and other items, the loss was 21 cents per share.
Total cost and operating expenses dropped to $18.4 million from $24 million.
Revenue fell 29 percent to $20.4 million from $28.6 million. Wind revenue declined to $8.9 million from $16.8 million.
For the year, American Superconductor Corp. lost $66.1 million, or $1.25 per share. A year earlier the company lost $136.8 million, or $2.69 per share.
The adjusted loss was 98 cents per share.
Annual revenue rose 14 percent to $87.4 million from $76.5 million.
The company anticipates a first-quarter loss of less than 26 cents per share and revenue of more than 22 million.
American Superconductor's stock fell or 8.7 percent, or 23 cents, to $2.42 before the opening bell.