American Superconductor Corporation (AMSC) stock soared 11.91% in the after-hours trading session on Wednesday, following the company's impressive financial results for the third quarter of fiscal year 2024 and an optimistic outlook for the fourth quarter.
According to the earnings report, AMSC's revenue increased by a significant 56% year-over-year to $61.4 million, driven by organic growth and the acquisition of NWL, Inc. The company also reported a net income of $2.5 million or $0.07 per share, compared to a net loss in the same period last year. More importantly, AMSC's non-GAAP net income of $6.0 million or $0.16 per share exceeded analyst estimates of $0.07 per share.
The strong financial performance was further bolstered by robust cash flow generation, with nearly $6 million of operating cash flow during the quarter. Furthermore, AMSC provided an upbeat outlook for the fourth quarter, expecting revenues to range between $59.0 million and $63.0 million, and non-GAAP net income to exceed $2.5 million or $0.07 per share.
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