Early Stocks in Motion
Powerwave Technologies (PWAV) reported third-quarter net income of $13.1 million, or 11 cents a share, up from $2.8 million, or 3 cents a share, a year ago. Excluding items, the company earned $18.2 million, or 15 cents a share, topping analysts' mean estimate of 11 cents. Revenue rose to $217.8 million from $138.3 million last year, surpassing the Wall Street estimate of $202.9 million. Powerwave shares rose 79 cents, or 6.5%, to $12.97 after hours.
PW Eagle (PWEI) swung to a profit of $2.9 million, or 30 cents a share, for the third quarter, compared with a loss of $240,000, or 3 cents a share, a year ago. The maker of pipe and tubing products said revenue rose to $176.2 million from $117.9 million last year. The one analyst polled by First Call expected earnings of 7 cents a share and revenue of $148.6 million. The stock soared $1.96, or 22.2%, to $10.81 in after-hours trading.
ZipRealty (ZIPR) reported third-quarter net income of $2.9 million, or 11 cents a share, below analysts' estimate of 13 cents a share. The real estate brokerage company posted net income of $1.3 million, or less than 1 cent a share, a year ago. Revenue rose to $28 million from $17.6 million last year. For the fourth quarter, the company expects to earn 2 cents to 4 cents a share on revenue in the range of $21 to $23 million. The guidance fell well short of analysts' estimate for earnings of 12 cents a share and revenue of $28 million. "It is important to appreciate that our fourth quarter and preliminary 2006 guidance is being provided in the context of what we believe to be a transitioning market, slowly shifting the advantage from sellers to buyers," said Chief Executive Eric Danziger. The stock tumbled $4.64, or 35.2%, to $8.53 in after-hours trading.
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