WASHINGTON (dpa-AFX) - Wind turbine technologies company American Superconductor Corp. (AMSC) Thursday reported a wider loss for the third quarter, as revenues plunged. Following the announcement, shares of AMSC fell over eight percent.
AMSC's net loss for the third quarter widened to $26.3 million or $0.52 per share from $18.2 million or $0.38 per share reported last year.
The recent third quarter results includes about $6.5 million in expenses related to the company's litigation against Sinovel Wind Group and restructuring and impairment charges related to the workforce reduction.
Adjusted net loss for the quarter widened to $17.5 million or $0.34 per share from $13.4 million or $0.28 per share last year.
On average, eight analysts polled by Thomson Reuters expected loss of $0.41 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the third quarter declined to $18.1 million from $31.6 million last year, due primarily to lower shipments from Grid segment.
Wall Street analysts on a consensus estimated revenues of $15.97 million for the quarter.
Looking forward to the fourth quarter, the company expects net loss to be less than $24 million or $0.47 per share, adjusted net loss to be less than $20 million or $0.39 per share, and revenues to exceed $27 million.
Analysts currently estimate loss of $0.27 per share and revenues of $31.30 million for the quarter.
AMSC is currently trading at $5.52, down $0.51 or 8.46% on a volume of 1.4 million shares, above the three-month average volume of 0.9 million.
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