Powerwave Sinks on Sales Miss - TheStreet

Powerwave Sinks on Sales Miss

Shares fall.
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Powerwave (PWAV) swung to a big fourth-quarter loss after suffering a sales brownout.

The Santa Ana, Calif.-based wireless component maker posted a net loss of $114.9 million, or 90 cents a share, for the quarter ended in December. Those numbers compare with earnings of $19.2 million, or 15 cents a share, for the same period a year-ago.

On an adjusted basis, excluding impairment charges and write-offs, the company had a loss of $43 million, or 24 cents a share. Analysts were looking for a nickel-a-share loss, according to Reuters Research.

Sales for the fourth quarter were $169.8 million, compared to year-ago revenue of $249.4 million. Analysts expected sales of $175.5 million.

"Our fourth quarter results were impacted by a significant slowdown in demand due to the wireless infrastructure industry consolidation among several of the major original equipment manufacturers," CEO Ron Buschur said in a press release Tuesday.

Powerwave shares fell 25 cents to $5.50 in after-hours trading Tuesday.