AMSC reports Q3 EPS $2.81, may not compare to consensus 15c

Reports Q3 revenue $74.5M, consensus $69.03M. Q3 non-GAAP net income included a $113.1M tax benefit related to the release of a valuation allowance on a deferred tax asset. “AMSC (AMSC) delivered an outstanding third quarter,” said CEO Daniel McGahn. “We grew revenue by more than 20% year-over-year, and marked our sixth consecutive quarter of profitability and our tenth of non-GAAP profitability. Reflecting our shift to profitability, we also recorded a tax benefit event this quarter. Again, gross margin exceeded 30% and we ended the quarter with over $145M in cash after completing the acquisition of Comtrafo. Strong market demand drove bookings resulting in a robust 12-month backlog of over $250M. Revenue through the past nine months nearly matches our total revenue for the entire prior fiscal year, highlighting our company’s financial and end-market momentum.”