Powerwave posts profit, revenue jumps
SANTA ANA, Calif., July 11 (Reuters) - Powerwave Technologies Inc. (NasdaqNM:PWAV - News), a wireless telecommunications equipment firm, on Thursday said its results rose to a quarterly profit from a year-ago loss as its revenue jumped 45 percent, driven by an increase in demand in North America and Europe.
The company report second-quarter net income of $4.4 million, or 7 cents a diluted share, compared with a net loss of $2.4 million, or 4 cents a share, a year ago.
Analysts expected the firm to earn 4 cents to 6 cents, according to Thomson First Call.
Sales rose to $113.4 million from $78.2 million.
Powerwave is the primary power amplifier supplier for Nokia's (NOK1V.HE) (NYSE:NOK - News) next-generation base stations, according to Credit Suisse First Boston.
Powerwave said Nokia and Cingular Wireless (NYSE:BLS - News; NYSE:SBC - News) each accounted for 10 percent or more of its revenue while Nortel Networks Corp. (NYSE:NT - News; Toronto:NT.TO - News) accounted for about 42 percent.
The company had total cash and cash equivalents of about $157 million at the end of the period, an increase of more than $18 million from the first quarter.
[Harry: These are base station amplifiers. It does mean that carriers are still adding capacity though. Given the tight cap ex environment, one can suggest that handset demand is their in some regions. Positive for RFMD down the road perhaps?] |
