United States

United States

AMSC loss widens as Inox deliveries slow

UNITED STATES: AMSC's third quarter revenue from its wind power division was down 85% year-on-year, the electric control systems specialists reported.

AMSC attributed much of the loss due to a lack of deliveries to strategic partner Inox Wind
AMSC attributed much of the loss due to a lack of deliveries to strategic partner Inox Wind

The company’s total revenue – including its grid division, which increased year-on-year – for the third quarter of 2017 was  $14.93 million, down from $27.14 million during the same period in 2016.

Wind accounted for $2.63 million of this quarterly revenue, down from $18.24 million during the third quarter of 2016.

Grid revenues, meanwhile, grew from $8.9 million in Q3 2016 to $12.3 million for the same period one year later.

AMSC made a net loss of $4.24 million for the quarter, whereas net loss for the same period the previous year was $2.76 million.

This decrease was attributed "primarily due to a lack of shipments of electric control systems to (Indian wind turbine manufacturer) Inox", AMSC stated.

Daniel McGahn, AMSC’s president and CEO, said: "Our grid segment delivered record revenues in the third quarter.

"In 2017, Inox has participated and won in each of the first two national power tender auctions. Inox has since resumed production and we look forward to working with them as they ramp up their factory."

In 2015, AMSC and Inox had signed strategic agreements under which they would collaborate on a new 3MW turbine and the American company would provide their Indian partners with electric control systems.

Inox itself made a loss of INR 461.2 million (US$7.2 million) for the third quarter of India’s financial year amid a downturn in the country’s domestic wind power market and turbulence caused by the change from a tariff system to an auction mechanism.

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