American Superconductor Corporation (NASDAQ: AMSC) saw its shares surge 6.57% in after-hours trading on Wednesday following the release of its fourth-quarter and fiscal year 2024 financial results, which surpassed analyst expectations and demonstrated significant growth.
The company reported fourth-quarter earnings per share (EPS) of $0.13, beating the consensus estimate of $0.10 by 30%. This represents a substantial 160% increase from the $0.05 per share reported in the same period last year. Quarterly sales reached $66.70 million, surpassing analyst projections of $60.27 million by 10.67% and marking a 58.70% year-over-year increase from $42.03 million.
For the fiscal year 2024, American Superconductor achieved impressive results, with revenues soaring 53% to $222.8 million, up from $145.6 million in fiscal 2023. The company reported a net income of $6.0 million for the year, a significant turnaround from the $11.1 million net loss in the previous year. The strong performance was attributed to higher D-VAR and NEPSI revenues, as well as contributions from the acquisition of NWL, Inc. Looking ahead, the company provided a positive Q1 outlook, with expected revenues between $64.0 million and $68.0 million, further boosting investor confidence in AMSC's growth trajectory.
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