AMSC reports Q1 EPS 8c, consensus 1c

Reports Q1 revenue $40.29M, consensus $39.33M. “We are building a fundamentally stronger company and reporting another quarter of solid results to start our fiscal 2024. AMSC delivered over $3 million of operating cash flow, expanded gross margins and grew revenue by over 30% when compared to the same period last year,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “During the first quarter of fiscal 2024, we booked over $127 million of new orders, including our first Ship Protection System contract with an allied navy and our third 3MW ECS order from Inox Wind. We ended the quarter with $160 million in 12-month backlog and $250 million in total backlog. Our performance reflects our ability to deliver business diversification, financial growth and expanded scale, which we intend to leverage further in 2024 with our recent acquisition announcement. We believe we are in a strong position for continued diversified Grid growth in the industrial and military sectors.”