Softness Socks PowerWave

Mergers between wireless infrastructure players short-circuited Powerwave's (PWAV Quote - Cramer on PWAV - Stock Picks) bottom line, but sales in the first quarter beat expectations.

The Santa Ana, Calif., wireless network parts-maker had an adjusted loss of $25.7 million, or 20 cents a share, which compares with a 3 cent pro forma profit a year ago.

Sales for the quarter ended April 1 were $163.6 million, down from the $181.8 million level a year ago.

Analysts were looking for an adjusted loss of 15 cents a share on sales of $159 million.

"Our revenues were impacted by the traditional seasonal slowdown in the first quarter of the year coupled with continued softness in demand due to the ongoing wireless infrastructure industry consolidation," CEO Ron Buschur said in a press release Monday.

Powerwave shares fell 39 cents to $6.30 in postclose action Monday.