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Spotting Winners: American Superconductor (NASDAQ:AMSC) And Renewable Energy Stocks In Q3

AMSC Cover Image

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at renewable energy stocks, starting with American Superconductor (NASDAQ: AMSC).

Renewable energy companies are buoyed by the secular trend of green energy that is upending traditional power generation. Those who innovate and evolve with this dynamic market can win share while those who continue to rely on legacy technologies can see diminishing demand, which includes headwinds from increasing regulation against “dirty” energy. Additionally, these companies are at the whim of economic cycles, as interest rates can impact the willingness to invest in renewable energy projects.

The 17 renewable energy stocks we track reported a satisfactory Q3. As a group, revenues beat analysts’ consensus estimates by 5.8% while next quarter’s revenue guidance was in line.

In light of this news, share prices of the companies have held steady as they are up 1.9% on average since the latest earnings results.

American Superconductor (NASDAQ: AMSC)

Founded in 1987, American Superconductor (NASDAQ: AMSC) has shifted from superconductor research to developing power systems, adapting to changing energy grid needs and naval technology requirements.

American Superconductor reported revenues of $65.86 million, up 20.9% year on year. This print fell short of analysts’ expectations by 2%, but it was still a satisfactory quarter for the company with a beat of analysts’ EPS estimates but a significant miss of analysts’ revenue estimates.

"AMSC grew second quarter revenue by over 20% year-over-year, generated net income of nearly $5 million marking our fifth consecutive quarter of profitability and achieved expanded gross margins surpassing 30%,” said Daniel P. McGahn, Chairman, President and CEO, AMSC.

American Superconductor Total Revenue

The stock is down 46.3% since reporting and currently trades at $31.90.

Is now the time to buy American Superconductor? Access our full analysis of the earnings results here, it’s free.

Best Q3: Bloom Energy (NYSE: BE)

Working in stealth mode for eight years, Bloom Energy (NYSE: BE) designs, manufactures, and markets solid oxide fuel cell systems for on-site power generation.

Bloom Energy reported revenues of $519 million, up 57.1% year on year, outperforming analysts’ expectations by 22.8%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Bloom Energy Total Revenue

The market seems happy with the results as the stock is up 34.3% since reporting. It currently trades at $152.17.

Is now the time to buy Bloom Energy? Access our full analysis of the earnings results here, it’s free.

Weakest Q3: Generac (NYSE: GNRC)

With its name deriving from a combination of “generating” and “AC”, Generac (NYSE: GNRC) offers generators and other power products for residential, industrial, and commercial use.

Generac reported revenues of $1.11 billion, down 5% year on year, falling short of analysts’ expectations by 6.6%. It was a disappointing quarter as it posted a miss of analysts’ Residential revenue estimates and a significant miss of analysts’ revenue estimates.

As expected, the stock is down 8.1% since the results and currently trades at $174.75.

Read our full analysis of Generac’s results here.

Enphase (NASDAQ: ENPH)

The first company to successfully commercialize the solar micro-inverter, Enphase (NASDAQ: ENPH) manufactures software-driven home energy products.

Enphase reported revenues of $410.4 million, up 7.8% year on year. This result topped analysts’ expectations by 12%. It was a strong quarter as it also put up a beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates.

The stock is down 2.1% since reporting and currently trades at $36.04.

Read our full, actionable report on Enphase here, it’s free.

ChargePoint (NYSE: CHPT)

The most prominent EV charging company during the COVID bull market, ChargePoint (NYSE: CHPT) is a provider of electric vehicle charging technology solutions in North America and Europe.

ChargePoint reported revenues of $105.7 million, up 6.1% year on year. This print surpassed analysts’ expectations by 10.2%. Overall, it was an exceptional quarter as it also logged a solid beat of analysts’ EBITDA estimates and an impressive beat of analysts’ adjusted operating income estimates.

The stock is down 23.3% since reporting and currently trades at $6.61.

Read our full, actionable report on ChargePoint here, it’s free.

Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

StockStory’s analyst team — all seasoned professional investors — uses quantitative analysis and automation to deliver market-beating insights faster and with higher quality.

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