Powerwave Rises on Strong Revenue

Earnings are in line with estimates, while revenue exceeds them.

Author:: Michael Dunn
Publish date:: Apr 12, 2002 9:47 AM EDT

Powerwave Technologies

(PWAV)

reported first-quarter earnings in line with analyst estimates on better-than-expected revenue.

The wireless communication equipment provider said its net income was $2.7 million, or 4 cents a share, compared with a loss of $9.5 million, or 15 cents a share, in the year-ago period. According to Thomson Financial/First Call, analysts were expecting 4 cents.

The company's revenue increased to $104.1 million, a 40% increase from the year-ago quarter and a 20% sequential increase. First Call analysts had been expecting $91.15 million.

In a press release, the company's president said Powerwave continued to see strength in demand for its products, as well as continued customer diversification.

Shares of Powerwave were up on the news, trading up 10.9% to $14.81 on the Instinet platform after closing at $13.36 Thursday.