Powerwave Hit by Sales Miss
Powerwave (PWAV) comes up a bit light on sales but says wireless spending is picking up.
The Santa Ana, Calif., wireless-network partsmaker posted an adjusted loss of $10.2 million, or 8 cents a share, in the third quarter. That compares with a pro forma loss of $21.1 million, or 16 cents a share, in the second quarter.
Sales for the third quarter ended last month were $200.7 million, up from $185.6 million in the second quarter and well above $145.8 million last year.
Analysts were looking for a pro forma loss of 8 cents a share on $202.7 million in revenue, according to Yahoo Finance.Powerwave, along with infrastructure supply giants such as Ericsson (ERIC) and Tellabs (TLAB) have seen their order rates whipsawed by sudden spending cuts this year. But Powerwave says the storm may have passed. "While there have been some concerns expressed by several participants in the wireless market concerning slowness within the marketplace, we continue to believe that the second half of this year is showing signs of increased demand for wireless infrastructure equipment," CEO Ron Buschur said. Powerwave shares traded down 11 cents to $6.08 in afterhours trading Monday.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV