American Superconductor Corp., a wind-turbine component maker that lost its biggest customer in April, sank as much as 10 percent today after it said it expects to report a “significant net loss” in the quarter ended June 30.
The company fell 37 cents, or 6.2 percent, to $5.62 at 10:48 a.m. in Nasdaq Stock Market trading. Earlier the shares sank to as low as $5.38.
The turbine-component maker’s shares have lost 77 percent of their value since it said April 5 that Beijing-based Sinovel Wind Group Co., its largest customer, had refused to accept contracted shipments.
Sales in its first fiscal quarter were less than $10 million and the company expects to incur restructuring charges of $3 million to $4 million in its second quarter, ending Sept. 30, as part of an effort to trim its workforce by as much as 30 percent, the Devens, Massachusetts-based company said today in a statement.
American Superconductor is restating its financial results for the second and third quarters and the full fiscal year that ended March 31. It said in a filing after the close of regular trading yesterday that it cannot complete its first-quarter report, and it plans to submit by Aug. 16 a plan to regain compliance with Nasdaq listing requirements.
The company was expected to report sales of $40.9 million in the June quarter, the average of five analyst estimates compiled by Bloomberg.