AMSC - Earnings call transcript Q2 2019 | American Superconductor Corporation

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Operator

Good day, and welcome to the American Superconductor Second Quarter Fiscal 2019 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Sanjay Hurry. Please go ahead, sir.

Sanjay Hurry

Chantal. you, Thank and XXXX everyone, American Second Superconductor's Good Conference welcome Call. Fiscal Earnings Quarter morning, to I Hurry Relations Agency am Superconductor's of American Sanjay record. of LHA Relations, Investor Investor

President today With the the CFO. market yesterday second American earnings Senior are quarter and its and CEO; issued closed. for Daniel Vice us President and call after McGahn, release on Superconductor of Kosiba, John XXXX Chairman, the fiscal

Investor is page have not the yet the available For in www.amsc.com. of copy the at you who website those of release, company's seen a

Before Report Risk various the results Securities on starting which of in purposes Superconductor's constitute forward-looking filed SEC of June American make Reform Litigation result SEC. differ call the set you call, the prospects may I'd statements as with reports like company XXXX. from those Private materially and the the for American a X, remarks during such the Act to of Annual that remind forth Form various indicated safe important about future filed that those and statements XX, has subsequent by Factors may the XXXX, expectations, section harbor plans that provisions Actual management forward-looking the today's under ended including March with on factors, XX-K the company of XXXX, Superconductor's year for

any should represent These of as to relied subsequent be not and as expectations upon forward-looking management's today management's as date statements of today. representing views only

may the the specifically to company update forward-looking the obligation that While and views company's disclaims company anticipates change, to events statements. cause subsequent any developments these

defined changes value the Non-GAAP measures, relevant tax and in calculated on China to warrants, the intangibles, of company non-GAAP the of of operating second non-GAAP the as found expenses, unusual refer defined or is will SEC Non-GAAP Form unusual before management tax operating non-GAAP last charges of company certain of settlement, of cash net flow reconciliation other earnings metric. items income effect net measures and press fiscal company's the the GAAP the net rate flow. A that settlement flow net flows operating net, as cash or cash of for the before net on loss adjustments or can by other and items. issued fair loss the to non-GAAP loss the stock-based adjustments acquisition-related gain legal is fees be call, direct financial in most effect non-GAAP and and comparable X-K. quarter measures by cash today's release the company amortization on the compensation, furnished night at Also, to XXXX China

SEC website, releases its All American and again, Investors from the filings Superconductor's of page www.amsc.com. be accessed press of can

Daniel Daniel? With and that, to the Chairman, President call I'll CEO, over McGahn. turn now

Daniel McGahn

end December of I'll everyone. then morning, update will quarter, an good detailed and fiscal guidance today quarter, XX, which Sanjay, Grid Thanks, by a financial provide the and provide our and units. for XX, fiscal for begin the our Wind results business will XXXX, second third September ended which of providing Kosiba XXXX. John review

Following open our to the comments, our from line we up questions will analysts.

In on and fiscal a more focused XXXX, predictable diversified business. we're building

the revenue the Grid and deployment for from SPS over year. growth XX% from from driven D-VAR U.S. product to We in to increased the compared was the same revenues shipments, of second came our project. our quarter growth VVO Grid utilities for upper shipments Grid range. Navy, fiscal are by Revenues segment. guidance strong XXXX our anticipating significant our at REG when of period last end

India, our onshore we market our support wind product. X.X-megawatt In business, enter Wind to our in X-megawatt product. Inox Doosan intends with In to offshore continue the Korea with

We operations. our vigilant at managing remain

above guidance halfway guidance. range. burn year, a cash better mark level. our operating our high Grid balance for our at is was than At very business our the performing cash Our was And fiscal ending

grid start a the strengthening backlog into extending sales our XXXX. delivering against our strong are our of while of backlog orders. grid we the We and momentum, visibility further Since have fiscal fiscal maintained year,

renewable electrical rest segments, of to grid. shipments the the fiscal both both applications provide In shipments year. strong We XXXX. strong for continued grid wind second farms a D-VAR the industrial revenues D-VAR of quarter is connecting and sensitive to Industrial operations product the manufacturing. D-VAR anticipate such applications for industrial transmission to were fiscal as In stabilizing our the D-VAR power renewables for segment, semiconductor is in should base the

In our to we multiple are from momentum addition deliver are utility to units beginning to seeing orders repeat And starting customers. D-VAR and strength, to see with real multiple we're our VVO product. customers

very work utilities We this. with paying is The off. are we've by encouraged done

contribute grid expect We our VVO to in fiscal XXXX. to growth

Navy. to U.S. the Protection Turning our Ship product for System

Our LPD XX XXXX on place time, generating revenue XX. same we've these the fiscal efforts contracts. in contracts to our for are LPD and putting on on the deliver focused At into begun capability

Ships. Class are are XX. aircraft our anticipating XX This frigates Antonio product but include, to, SPS Other pursuing be LPD not San We for another LPD carriers, platforms could limited order Navy are released. is Littoral when it destroyers, or and SPS that Combat we

SPS a planning Antonio We systems from SPS for multiple San are orders the additional anticipating manufacturer perspective, of Class. And capacity concurrently. are for we the

I'll Wind our to business. Now turn

design South you Almost agreement turbine. South Doosan's Korean energy global wind XX% are of met supply Currently, with over long-term ECS of derived an Doosan to offshore market new to XXXX For from offshore imported coal. a market. XX% units wind with to as the generation its is are is to total electricity does present company, sources. opportunity The for requirements the of X.X-megawatt those and Korea's signed energy in exclusively expected who we us, wind

be a energy of by offshore plan least by mandated has electric long-term target gigawatts development to installed power XX% its Korea and of The called of renewable wind as sources set XXXX. energy has part XX South at government the for supply. XXXX renewable for of long-term

stated it for desire company expressed publicly X.X-megawatt its has Its the it government's large Korean $X policy. energy that market. recently Korean with approximately turbine. share Doosan a management type ground for turbine the this type publicly recently order announced of secure turbine, a that ECS South has wind renewable Korean a the for in to lays class in domestic certification first its significant Korean South the X.X-megawatt Doosan play certification offshore secured of wind making technology power from million. is It to worth role the We X.X-megawatt

market with penetrating Doosan. potentially Wind is look and closely to the forward Doosan, we Our working team offshore very wind global with

India. to Turning

execution project. SECI-X carefully monitoring Inox's on are the We

ship for quarter. during Inox to to ECS the continue We X-megawatt second SECI-X

in inventories As has are a manufacturers SECI-X build-out built-up negatively turbine to Inox, including to India. all wind hard auction. reminder, believe delays impacted Inox won XXX Inox, working megawatts reduce the back the We wind manufacturers, schedule. from on grid with and of in the turbine get India According

and by during to second this $X.X As us, fiscal the quarter relates million both XXXX. of our Grid, inventories, of increased consists about Wind which

that to Inox ECS of under terms purchase delinquent post the for letters we're the Inox to manage low respect our So Inox X-megawatt will supply supply talking orders. and to about on required our forecasted credit obligation AMSC ship single-digit ECS millions risk, agreement of credits letter before of post its Per ECS is with to inventories. to is contract. currently sets of

are our is X-megawatt believe X-megawatt inventory X-megawatt that agreement. working working with their wind compliance We strategic ECS with through regain supply of to and We Inox turbines. Inox

competitive Inox for Inox platform is on X-megawatt the chain. class build to We X-megawatt a commissioned, then ECS product. the for Inox the class operating X-megawatt expected Moving is with great the to is look to class class After India. seek has environment turbine production certification fit supply working the to the type X-megawatt that stated in turbine. forward prototype

We X-megawatt already forward to supply place to X-megawatt the wind class for also putting look anticipated turbine. the class the demand contract support in

to the Kosiba XXXX, turn which quarter XXXX, XX, to review the the third John? for will financial Now our end I'll fiscal XXXX. results second of fiscal of John over for guidance December quarter provide call

John Kosiba

quarter million morning, compared fiscal in year-ago for good the and second million Daniel, revenues generated $XX.X of the everyone. quarter. XXXX AMSC $XX of Thanks, to

of unit XX%. accounted higher business XX% Our by quarter, REG total revenue result versus shipments versus while a our quarter by year-ago the the Grid ECS higher fewer Inox. revenues, year-ago revenues unit driven unit D-VAR while business XX% and for accounted for to increased revenue, XX% decreased Wind business as unit Grid revenues our Wind business of

XX%, margin compares which within was Looking Grid the project primarily gross in driven at the business was The strength in to more of the fiscal in detail. our XX% contribution margins unit. year-ago P&L XXXX quarter quarter. second favorable margin Gross by for

quarter year-ago the fiscal of million SG&A noncash. expenses R&D the million expenses the $X.X fiscal and Research period. were of in $X.X quarter and SG&A compared XXXX of for Approximately in development second XXXX and to were XX% second

was fiscal per share Our net per a net the or $XX.X gain $XX.X loss XXXX million in diluted share. $X.XX $XXX,XXX settlement of on a China of This year-ago compares of in the income million. to which diluted included or the second quarter, quarter $X.XX

loss second quarter. loss share XXXX $X.XX fiscal non-GAAP the million non-GAAP $X.X of was year-ago per in for or Our net the $X.X per share a with net of compared million quarter $X.XX or

reconciliation non-GAAP press last a our issued to release see GAAP results. for Please night of

of burn. previous cash, cash. a was with burn better $X to million. second in million million of and in the million XXXX. This cash compares securities This quarter $XX.X marketable second $XX.X cash of million as XXXX fiscal of ended equivalents, We the quarter XXXX operating cash fiscal $X Our was XX, our $X.X than guidance with June restricted

guidance XXXX. our of for the third quarter to financial Turning

be to We $XX range $XX will expect of that million. our revenues the million in

our any that is to loss million expects in the payments to operating share. or not $X does per burn guidance net XXXX. share. Company expected $X.X net of be per quarter the cash And loss $X.XX exceed $X.XX This to million on million other non-GAAP $X costs not not settlement. Our to third $X.X revenue related exceed or include million flow expected a or tax is to fiscal of

the equivalents, cash, marketable third no XXXX quarter cash. million fiscal of securities end $XX to expect than with We restricted in and less cash

the over With that, Daniel. call turn to I'll back

Daniel McGahn

Thanks, proceeding today's in X AMSC purpose project second REG Chicago. we or some REG on Regulatory jointly our call the announced proposed existing ago, are a to FERC. the in The comments weeks that I'd by the John. for District Federal system to by Two of Commission substations ComEd like assessment with conclude the resilience Chicago on and is Business progress contemplated the ComEd, with increase system. downtown second REG with engineering networking recent

to other load-serving larger disruptions. capabilities contemplated than during be is grid the larger X resiliency or in and reliability, first, provide project scope, second greater to The and Xx outages

substation. new will REG less a project project executing not require disruptive We first significant the forward proposed and will regarding to the to and look our ComEd expansion expects second infrastructure with area continued project. ComEd be on conversations downtown the the of

proposal. approval utilities Now recover take to discuss framework main REG it let when by allowed me their body FERC's of a the governing is FERC comes which to moment defining the to systems network. REG conventional ComEd's distribution REG to both transmission this transmission transmission assets. while is This more in is provide because the value capability in analogous to the investments important, networks, the case are and

system. electrical the include request now and having of oldest value of the the to its flowing for and cities potentially and of improving that load U.S., by in events, as minimizing is and vertical U.S. subject grid conversations operate it very resiliency ComEd's to We are increasing with understand to the populated a growth keeping critical Clearly, We've and a substantial substations, project in conversations capability few maintain critical yet reliability densely in regarding with disrupting utilities with -- improvement power we're AMSC, option believe REG's U.S. In is in U.S. cost environmental a power product. grid other transmission expected the that the power catastrophic to granted in and while which REG friendly and the most center, our properly recently resiliency equipment the FERC cost REG benefits its one other for and traditional through beginning construct, regulators accelerated this natural large of interconnecting utilities. deployment the both serve one modernizing city's systems of portion is our U.S. to quadrupling learned another of utilities without feasible rates. growth otherwise city. has projects not a with recover reliability city disruption urban the positive

though, the with We're that significantly to a we the being we future. detail So proud of and very to Grid want reiterate, I look so fiscal REG talk grow have in lot accomplishments going REG. about revenue forward far expect in on more able XXXX. in to to

clear strong. is that with business it's very our D-VAR think I

We are X.X-megawatt our how offshore first market. to the working for of we're Doosan's Navy. for REG the VVO project wind We're working to in and SPS on and and efforts that ECS. We're supporting with the news in delivering X.X-megawatt capability seeing We're delivering wind market orders system delivering on turbine the X our great busy hard the the penetrate Chicago.

working are support their quarter Inox efforts, our forward we back growing We to Inox. second completion are closely yet you at the with look to I fiscal of to without of XXXX. reporting

time, like line the from up to we'd Chantal, our open And analysts. to at this questions

Operator

[Operator Instructions].

Craig-Hallum. from Stine, Our first come question will Eric

Eric Stine

this a for is able this where the kind I sets going go Just of transmission and to route as approval a the in put a FERC chat about to to precedent it's wanted it's other this we utility of should template one, kind fairly Or this a view blanket for that to authorization. be base? something utilities? rate easy be with and guess,

Daniel McGahn

on think distribution utilities direct, open REG transmission is a this we've as at we've that the or something And I an happening something and regulator. is to level, what -- FERC it calls. transmission had with the would behaves asset? FERC like what REG spend they don't to state lower senior more In utilities approve. familiar on is with conversations distribution Do exception would look case, talked or being that be that's exactly What's asset, a a is very transmission seen we in which To classify voltage. been side a with question. how utility in capital. safer, really our asset it the operates recovery involves that management prior a Eric, ways, at they about conference rate get It's with. We And I asset, not behaves their this multiple in is this it's interesting. think the conversations knew involved, is determined in because case many like distribution getting

We case product, went it FERC recovery reduction, for think favorable REG. think serves create I us, gives of way this rule a is in I a to a has in is that think where risk as potentially does but able is very I the And to been accelerate which the a that is deployment in the certainty the variety think big U.S., cities this and REG of reasons, through across directly really it I clarity for variety REG possible. news call. of that because additional

Eric Stine

PUCs, I just kind mentioned, dealing approval? on where state in you common. mean this derisking is if the is And the the I of transmission -- side, process whether thoughts regulatory of go on But you mean, with route, that any distribution in something which terms -- speeds

Daniel McGahn

basis. It a case-by-case really depends on

had would I do some some cities, and different for recovery. tapped reasons. case they as payment utility at Think way in instance, of for to that payers the they better of the we one the really inkling having or the think rates can able in the from I distribution for weren't REG they're they funding promise through is the that is question a So state as when down. cities, There for cost whichever some raise have FERC the see the an of potentially a rate may there's X potential can think. going the hope rates. think pathways some to some be to option changes for to transmission this, were to the sources, of expediency things open it prior utility better in acquisitions, get to rate distribution utility By one way what was think asset. in this the ratepayer that what a X transmission they variety the the standpoint, there to of And is can position now FERC and through rates gives it of would FERC and regulator, that go

Eric Stine

think REG answering not see derisking And ground, what's to way of case. the Okay, goes another that, question in would this and that's would the does got in need in I And is, a long first project this the guess, that that I toward Chicago? utility mean it. open kind it

Daniel McGahn

that go that it's think to Chicago, I at to of do the second in forward case with see clear in project. need least -- order they it the

this this I things project time, that don't was the deal dramatically. think in we we what project utility, but forward we with lot is of talked first because to, project, a we have has is that risk what with judgment talk fully regulatory really the risk. to regulated second also does which for news FERC announced -- Chicago, all been is were the about not when a for regulatory they that going The we're with and reduced the the

Eric Stine

it. Got

Okay. of Maybe know I is product. should ultimately, look last to that just you're or where this going me those forward? is utilities a any -- stocked Clearly, from mean I orders. that kind something one your VVO. point, that of to at is we that on goal seeing is repeat

Daniel McGahn

Yes.

think starting product. I nice multiple the see utilities same of thing exact multiples we're the buy to are

we over the could So We to in we that, same be we're diversification And time the and product think, want to VVO trying from utilities manage potential able help and come again. I the what this growth to every believe, will to shipping of that over test that. ship future. that to and is add starting we're to the get to we develop, beginning it make we're see sure right that year

Operator

will Our Colin Rusch, question come from next Oppenheimer.

Colin Rusch

utility go we diverse lumpiness we're seasonality see a to bit a or in about to for could side the of Is you talk and looking potential as the increasingly at line of smooth be bit little out this Or the set, more can it terms you're little to is going and in little something that some forward? the business that customer a -- continue that of growth a As some steady quarter-to-quarter? in we growth? diverse bit

Daniel McGahn

between, have trying markets think less more to Colin. addressing predictability. to We're it effort I kind to predictable of it it's in that an lumpy, more by make here make more make

we our and revenue in seen, achieve. revenue. and project-based If business, periods, it's for if great multiple what lumpiness and over occur Colin, trend growing, large, to are It the we us? at a it lumpy. to in see you look know we're that's revenue to be run those we multiple that. volatility that. retreats But think, the don't best we and always But Grid is is moving We all projects think that. is been and telegraph happening. that Does forward want That's that kind objective see over to lays is to it's that that's we -- and you some as retreats we're we'll come behind we to try a And we going to because out have business in we the this which certainty our of upwards, this vector you the trying general even to the can, business. it see considered do periods. think project is within might mean of valuable to of generally, great the think shareholders our if of how beginning how business, to to with go the And diversify look reduce we I in valuable future, seeing, be this of you pipeline we know large means Grid think business. of has And or a spikes the

Colin Rusch

kind the one Can and bit becoming higher marketing Great. to all from little obviously, map perspective, at more for little driving talk cost so. get just you And or last volumes? And we've a a been last question. you about then here I bit as up have consistent quarter reduction manufacturing of over that a

Daniel McGahn

bit. little a up broke It

in about reductions So to you're cost asking Colin? what specifically, regards

Colin Rusch

drive to costs about On volumes your up margin the ability we profile? think out the you how manufacturing and should as side, scale

Daniel McGahn

new something that, that, we fixed previous throughout should at But longer-term look the period, Grid and Grid, more a at then levels. years, expand. deal a much. need to OpEx The to the of the call to costs expand the I fixed the margin. product are exactly will revenue see think, over We there, segments. trying as revenue been great And change on to need change that can a that. expand But operating rate these line business we're mix anywhere speak be very to we there's introducing way margin, business, near some the to the need do regular overall revenues, where a both able you the think specifically And I we've down able margins that's lines financials to themselves and on it, -- have at that expand potentially leverage because several hopefully to always next, don't don't we approaches all will costs margin. scale expand that even

probably expansion really business. or means of detail. a So of John going go to going to we right? of are try to the and it on what through question in start the numbers. have see That's margins. around, million $X think flop a But negative the than positive to or period-to-period, again, million larger may $X.X size It's things those really impact numbers, will we're

better can the more think I margins to see predictable time. you try communicate the those, can accurately over we become

Colin Rusch

be be that's it's you size reliable obviously, one there's been guys to a without has to be path business? where this a and one away do walk relationship, your more this have time Or for guys on these potentially and through situation with visibility, in market? mean, forward like honest? find a lot something Is feel then going clearly, the some now. partner to a for you uncertainty that And get policy to something up blowing new from to micro working Perfect. of challenging some perspective, issues Inox. How those you can aggressive I a right guys with you final where

Daniel McGahn

certainly together. transition if We bit the is a long term that on to a Yes. there you focus X- in where we continue the work think path We're from proper to X-megawatt. the of a

players We're hear that We close do with continuing are the can They they'll call. optimistic, contact going them. report of their from about on we X ability with kind to X-megawatt believe, going be are have We to Inox Inox continuing we -- operating results information the as what's the probably with the market. in their be do that have as of -- We're We to on the outside we Inox. a doing on X going to small -- the on work to to Inox. been be work number. conference in signal next see the gain I Every is in of later very the clear orders. to wind that in is regular their going and other in those market additional think, believes or they're are in number week, we media try one years players.

to hope we at in back periods. our place advance. to in we So to understand through with information have we work point, them. letter manage kind We're collection putting of this in credits relationship make Inox, call that We with issues by the those future through of to the risk clear and trying try sure report -- the just on be better we to work

Operator

Partners. next Our Shen, Roth come will question Philip Capital from

Philip Shen

topic. Inox the on follow-up a Just

do more last? any could that for signaled you example? it in delivery there's they you delay have have than could this that way And in think long a sense be a short last of it taking chance a couple for Specifically, quarters, how term? do could Or

Daniel McGahn

is, try call, and even don't don't over Phil, was and again. kept on that summer them SECI-X was they're is to The the of Basically they're I grid existing question know an SECI-X the saying the words the best going behind do information original set SECI-X. XX that the the originally our they leveraging this What risk they going for and should months about to on infrastructure. speculate. to We're almost SECI-X. extension this over We're When saying step manage can. all not the do need be we grid what in, schedule. finally we and stuff to the rate-limiting in to we the can. enough see XX tell on -- we're how that can't have to it's is It's months, long SECI-X to Yes. Inox really plug-and-play, kept way a months this was contemplated going in designed that manage to they that coming grid the that best plug-and-play. same be scheduled that demand see to all the using connecting There's relationship to beyond We start I you least plug their location really talked be of That at as I in more and it. to doing transition. going to allow XXXX.

Indian an think I it's question in market. risk overall So of the

for years. third-party One and all few the next of sources, in like they growth show look when the coming look India outside we projections at

a we're all We business. want what the we cash So balance like to in the a can Inox then good position in control. feel good doing Grid a can. doing we're in from a be that position where standpoint. And we're we patient things and we on partner good We're to

Philip Shen

Great. REG. Okay. to back Coming

timing Are remarks, great mentioned able prepared I getting rate expand First on to has in of to those base, you in and wondering of it conversations. be fantastic. be might your if accelerated you past, approval is if sense the to with Or the us the any in And would to shared anything as you've that table? can those utilities pipeline existing happen, more accelerating? kind of conversations was you derisk. And some as it obviously, it conversations. is are

Daniel McGahn

Yes.

that remarks. developing stones pretty think isn't for in is drivers make thorough tried at REG done for haven't persistent. I of aren't the in each to to I more that it we become U.S. through, which part learn say that there exciting that canvassing prepared We've go look is of themes we the Phil, What kind throughout, utilities. That common account the them is covered. what those to adopting, we're seeing pipeline a of

that does main it waiting X, kinds and you're normally constraint, we a smarter but tactically And the needs we're because be us hardening, accelerating, see utilities to today, REG. of that over understand that need grid conversations, see critical some X-year there's once, uncover VVO X So work is for really it market opportunities or on seeing, VVO additional helping this of to but horizon. to again. the the relief here We We asset for additional do move not but time construction themes make to. the advent do what gentrification, things of or utilities react a it X- specific over have helps building helps

the that to to the here project partner a we certainly That's -- if So very that distribution ComEd we're and working as to and everywhere REG get it's transmission nice forth between. that of being what company. see with side, business. a I'm in that have in very actively dealing with first the build able Exelon a sell D-VAR put to other deliver the from the future, team in on. certainly focused great think on help going we VVO that's done. side is and And and on this proud the We able something in we're effort potential us orders we're the has utilities

Philip Shen

off-the-shelf VVO When you do become coming could in utility you back both then multiple just are single of about mentioned that on the and your steady taking utilities orders. that maybe so the what a no this are flow to now. it. I -- think of you purchase -- now, approval the have just that And could that a an corner around become and you expected -- that that's steady But see is that last case one Okay. and regulatory see Is where But know we you steady an terms required? know don't for orders, here, that? us? flow thoughts do

Daniel McGahn

Yes.

make set things got report -- XXXX, think product kind want that, we're hoping We're to back of be in I of multiple remarks starting we're for we of multiple happen. early as the the go that that. units, to convinced you which through early utilities some convinced things we this prepared feature But we've to those is the we're seeing what think into are utilities to want see We indications said look sure that year that of right. that's indications that. should that seeing buy VVO. We're we the and like able

Philip Shen

VVO? And that sure it then get for sounded maybe make Eric, or thing degree it answer one Is prepared of to customization? you make there -- sure some customization need said Because you last Is VVO a they there remarks, was in to you the VVO. product. need an to like right your on

Daniel McGahn

D-VAR The configure-to-order hope we're is simply, Phil, we no. solution. to sell we how That's to that when is trying at what look test

by to being it to that tailor is micro engineering engineers solution, support more What give configure-to-order going we're labor that beat. One again of the things high to volatility we a has environment that need that in the over when it to But help it. diminish that costs, additional gives VVO product product, that has ECS us in means we the going can That has trying touch do the shipping talk to operate. without type about to us make-to-stock turbine is performance. of configure the same the basically it. performance a additional regular that, That's over to business and business having

talked to subset in quantities. shipped it multiple that get utilities going say the the that volatility want the can these when are that So -- lot we article Eric even to things diminish things, us I about right, think I a volatility could which that, are, talked multiple that, overall in to about certainly it so do has all same of is us think, about, If want means Colin right the call complete we be valuable. to we the on to get feature are and the the business, you've we

Sanjay Hurry

make Yes, sense. that will

Operator

Thank the we you queue. very much. time, no At have this questions further in

any Mr. to McGahn would So remarks. back for turn I closing to conference over like the

Daniel McGahn

ago everybody's through and of grid. appreciate here. We trying couple We do attention we're to about to talked years what a commitment growth

here about focus year not in production that. just business the this from grid. this, service all we've you're I'm of able bit and only that are building with grid. to I and but growth sales, objectives brought through team a being are beginning to that and mentioned proud the of see earlier, support starting to And be Your little growth very a we the now

be more got a report well. that's great important on execute hope in We Chicago. news that to back with project able to to very We keep we've in to working future going We're periods. on ComEd think REG

and and coming that want will that the our on We very by the see a Navy you, And we benefits here. show done, delivery start of we more a up Protection talked to execute business, hopefully, the business financial hard everybody. have Systems have We few more product the lot the Ship as ago line in Thank it. soon results. years very work well we to is to of to appreciate diversified A about well. the that

Operator

concludes Thank today. thank gentlemen, us you This conference. for and Ladies today's now very much. you joining

have Thank of week. You you. may disconnect your phone great lines, rest a and the

American Superconductor (AMSC) 10 Nov 192019 Q2 Earnings call transcript