Q3 2024 American Superconductor Corp Earnings Call Transcript
Key Points
- American Superconductor Corp (AMSC) reported a record revenue of over $60 million for the third quarter of fiscal year 2024, exceeding their guidance range.
- The company achieved a 55% growth in grid revenue and a 60% growth in wind revenue compared to the previous year.
- AMSC has secured over $57 million in new orders, with a diverse set of markets including renewables, industrials, utilities, and military.
- The company ended the third quarter with $80 million in cash, demonstrating strong financial health.
- AMSC has achieved two consecutive quarters of net income and six consecutive quarters of positive operating cash flow.
- Operating expenses increased to $14.6 million in the third quarter of fiscal 2024, up from $10 million in the previous year, largely due to the acquisition of NWL.
- The company expects a net loss not to exceed $1 million for the fourth quarter of fiscal 2024.
- There are concerns about the capacity to meet growing demand, which may require future capital expenditure for expansion.
- The wind business, while growing, is heavily reliant on a single customer, Inox Wind, which could pose a risk if demand fluctuates.
- AMSC's renewables business in the US is a small fraction of their overall operations, limiting their exposure to potential growth in this sector.
Good morning and welcome to the AMSC third quarter. Fiscal 2024 financial results conference call. (Operator Instructions.)
I would now like to turn the conference over to Nicol Golez , Director of Communications. Please go ahead.
Thank you, Gary. Good morning, everyone and welcome to American Superconductor Corporation's third quarter of fiscal year 2024. conference call. I am Nicol Golez. I am a Director of Communications on today's call. I'm joined by Daniel Mcgahn, Chairman, President and Chief Executive Officer and John Kosiba, senior Vice President, Chief Financial Officer and treasurer, American Superconductor issued its earnings release for the third quarter of fiscal year 2024, yesterday after the market closed
For those who have not seen the release. A copy is available in the investors page of the company's website. The earnings release contains forward-looking statements with respect to future financial results.
These statements are not guarantees of
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