American Superconductor Corporation (AMSC) witnessed a significant surge in its stock price, soaring 8.56% in after-hours trading on October 30, 2024, following the release of its impressive second-quarter financial results for fiscal year 2024.
The company reported a remarkable 60% year-over-year increase in revenue to $54.5 million, driven primarily by the acquisition of NWL, Inc. and higher shipments of new energy power systems and electrical control systems. AMSC's net income for the quarter stood at nearly $5 million, a substantial improvement from the net loss of $2.5 million in the same period last year.
AMSC's strong performance was further highlighted by its non-GAAP net income of $10 million, compared to less than $0.1 million a year earlier. The company attributed this positive shift to its successful execution and focus on improving the resiliency of the power grid.
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