American Superconductor sees wider fiscal 3Q loss

DEVENS, Mass. - Energy equipment supplier American Superconductor Corp. said Tuesday it expects to report a fiscal third-quarter loss wider than Wall Street was expecting, due to higher-than-expected costs and a charge on excess inventory.

The company expects to post a loss for the third quarter ended in December will be in the range of $8 million to $9 million, or 18 cents to 21 cents per share.

American Superconductor previously said it expected a third-quarter loss to be slightly wider than its loss for the second quarter of $4.1 million, or 10 cents per share.

The company expects to report third-quarter revenue between $40 million and $41 million, roughly flat with a year earlier.

Analysts polled by Thomson Reuters expect a third-quarter loss of 11 cents per share, with revenue of $40.9 million.

The company attributed the greater-than-expected loss mostly to a charge related to unexpected production costs for some of its products and contracts and a charge for excess inventory.

American Superconductor will release third quarter results on Feb. 3.

The company also said its loss for the fiscal year ending March 31 is expected to increase to a range of $17 million to $18 million, or 40 cents to 42 cents per share. It previously expected to post a loss of $13 million to $15 million, or 30 cents to 35 cents per share.

American Superconductor still expects 2008 sales of $175 million to $185 million and 2009 revenue of more than $225 million.

Shares of American Superconductor fell $1.39, or 8.1 percent, in aftermarket trading after gaining a penny in the regular session to end at $17.19.

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