PowerWave Technologies' Loss Narrows on Sales Gain
PowerWave Technologies Inc. (PWAV), the maker of wireless communications products for Alcatel-Lucent SA, said its second-quarter loss narrowed on lower costs and a jump in sales.
The net loss shrank to $10.2 million, or 8 cents a share, from a loss of $44.5 million, or 34 cents, a year earlier, the Santa Ana, California-based company said today in a statement. Profit before some items of 4 cents a share beat the 3-cent average estimate of 14 analysts surveyed by Bloomberg.
PowerWave restructured to reduce manufacturing costs and said it expects operating expenses to decline in the second half of this year. Revenue is rising as demand for wireless products increases. This was the company's eighth consecutive net loss.
Sales increased 32 percent to $245.6 million, beating the $226.4 million average estimate of 11 analysts surveyed by Bloomberg.
Operating expenses decreased 14 percent to $53.6 million. The company had $6.1 million in costs in the quarter for closing and consolidating some manufacturing plants.
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