AMSC Cuts 25% of Jobs in Restructuring as Wind Growth Slows
American Superconductor Corp. (AMSC), a U.S. maker of wind-turbine components, fired 25 percent of its global workforce as part of a restructuring effort that will save $10 million a year as the wind industry slows.
Charges related to the job cuts and office consolidations will result in a fiscal fourth-quarter loss of about $24 million, or 46 cents per share, the Devens, Massachusetts-based company said today in a statement.
AMSC was expected to lose 34 cents in the quarter ending Dec. 31, the average of five analysts’ estimates compiled by Bloomberg.
“Financing and cash flow among wind farm developers and turbine manufacturers have been constrained,” Chief Executive Officer Daniel McGahn said in the statement. That has “impacted growth plans” for some customers.
Sales in the current quarter will exceed $20 million, the company said. AMSC dropped 8.3 percent to $2.54 at the close in New York.
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