AMSC reports Q3 EPS (6c), consensus (6c)

Reports Q3 revenue $39.4M, consensus $34M. “We outperformed expectations during the third quarter of fiscal 2023 with year-over-year revenue growth of over 60%, reporting non-GAAP net income for a second consecutive quarter and $1.3 million in operating cash flow. Our team achieved this thanks to strong customer demand, our pricing initiatives and a favorable product mix,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “We booked over $34 million of new orders during the quarter including our second 3MW ECS order from Inox Wind. We ended the quarter with over $137 million in 12-month backlog, nearly 25% year-over-year growth. Given this backlog position, strong demand in our end markets, and shortening customer lead times, we believe we are very well positioned for the fourth fiscal quarter which will end March 2024. We are proud of these results, which represent our deliberate diversification into growing markets, and look forward to delivering year-over-year revenue growth for fiscal 2023.”