American Superconductor Corp. on June 6 reported fiscal fourth-quarter 2017 non-GAAP net loss narrowed to $5 million, or negative 25 cents per share, compared to $7.1 million, or negative 51 cents per share, in the same period of fiscal 2016.
The S&P Capital IQ consensus normalized EPS estimate for American Superconductor in the quarter ending March 31 was negative 31 cents.
Operating loss for the most recent quarter was $5.8 million, compared with $7 million in fiscal fourth quarter 2016. Gross profit in the three months ended March 31 was $3 million, compared to $2.8 million in the corresponding period of fiscal 2016.
Revenues for the fiscal quarter were $13.5 million, compared to $16.2 million reported in the same quarter of fiscal 2016.
On a GAAP basis, net loss for the fourth fiscal quarter was $6 million, compared to $6.9 million in the last quarter of fiscal 2016.
For full fiscal year 2017, American Superconductor's non-GAAP net loss grew to $32.2 million, or negative $1.70 per share, from $27 million in fiscal 2016, or negative $1.95 per share.
GAAP net loss for the fiscal year was $32.8 million, up from $27.4 million reported in fiscal 2016.
Operating loss during fiscal 2017 was $32.2 million, compared with $27.5 million reported in the previous fiscal year. Gross profit for the most recent fiscal year was $3.8 million, compared to $10.8 million in the previous fiscal year.
Revenues during fiscal 2017 were $14.3 million, compared to $47.3 million in fiscal 2016.
Based on the performance in fiscal 2017, American Superconductor anticipates fiscal first-quarter 2018 non-GAAP net loss to be less than $6.1 million, or negative 30 cents per share. The company expects first fiscal quarter revenues of $11 million to $13 million.
"Fiscal 2017 marked the year we commercialized [American Superconductor's] high-temperature superconductor technology as represented by the U.S. Navy's Ship Protection System order for the USS Fort Lauderdale. Our grid business grew by more than 20% in fiscal 2017 — our third year in a row of growth in our grid segment. We expect revenue growth again in our grid business and are anticipating improved conditions in India's wind power industry in fiscal 2018," Daniel McGahn, American Superconductor president and CEO, said in a news release.
