Shares of American Superconductor Corp (NASDAQ: AMSC) surged over 6% in pre-market trading on Wednesday, following the company's impressive fiscal second-quarter 2024 earnings report released after Tuesday's market close.
For the quarter ended September 30th, AMSC posted revenue of $54.5 million, up a remarkable 60% year-over-year. This strong top-line growth was fueled by the acquisition of NWL, Inc. and higher shipments of new energy power systems and electrical control systems. Net income came in at nearly $5 million for the quarter, a significant improvement from the $2.5 million net loss in the year-ago period.
Perhaps most notably, AMSC reported adjusted non-GAAP net income of $10 million compared to 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 Q2.
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