Skip to comments.American Superconductor Plans to Reduce Workforce by 25%; Slashes Third-Quarter View (Wind turbines)
Posted on 11/28/2012 2:02:54 PM PST by 2ndDivisionVet
American Superconductor Corp. (AMSC) unveiled plans to reduce the size of its workforce by 25% as weak demand weighs on the wind-energy sector, leading the turbine-systems maker to reduce its fiscal third-quarter outlook.
Shares were down 15% at $2.35 in premarket trading. Through Tuesday's close, the stock is down 25% this year.
The company cited financing and cash flow issues among customers, which it anticipates will lead to shipment delays for some of its products.
American Superconductor now expects a fiscal third-quarter adjusted per-share loss of 31 cents on revenue of more than $20 million, from its prior estimate for a loss of less than 26 cents on revenue of more than $26 million...
(Excerpt) Read more at online.wsj.com ...
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