Shares of American Superconductor (AMSC -4.85%) skyrocketed 35.9% on Thursday after the energy technologies company announced significantly stronger-than-expected quarterly results.
American Superconductor is firing on all cylinders
For its fiscal third-quarter 2023 ended Dec. 31, American Superconductor's revenue grew 64.8% year over year to $39.4 million, translating to adjusted (non-GAAP) net income of $0.9 million, or $0.03 per share (swinging from a net loss of $0.27 per share a year earlier). Analysts, on average, were expecting a net loss of $0.07 per share on revenue of only $34 million.
ASMC CEO Daniel McGahn credited their outperformance to combination of strong customer demand, pricing initiatives, and favorable product mix.
American Semiconductor also booked more than $34 million of new orders during the quarter, and ended the period with a 12-month backlog of over $137 million (up 25% year over year).
What's next for American Superconductor shareholders?
For its current fiscal fourth quarter ending March 31, 2024, ASMC guided for revenue of $36 million to $40 million -- well above estimates for revenue closer to $34.4 million -- with an adjusted net loss "not to exceed" $0.06 per share.
In the end, this was a straightforward beat-and-raise performance from American Semiconductor that left nothing not to like from an investor's perspective. The stock is simply responding in kind today.