Shares of Santa Ana-based Powerwave Technologies Inc. fell about 5% in afterhours trading after the company said it widened its loss for the first quarter on restructuring and other charges.
The maker of gear for wireless phone networks said it lost $47 million in the quarter, versus a $3 million loss a year earlier.
Analysts expected a loss of about $19.5 million.
Powerwave took onetime charges of nearly $18 million during the quarter for restructuring and a write-down on intangible assets.
Without the charges, Powerwave lost $26 million.
Sales totaled about $164 million, down from nearly $182 million a year earlier.
Revenue still beat analysts’ estimate of $159 million.
The company, which has a market value of about $870 million, said it was impacted by consolidation among companies that build wireless networks, according to Ronald Buschur, Powerwave’s chief executive.
“While we encountered a slowdown in our overall business during the first quarter, we remain focused on reducing our overall cost structure and restructuring parts of our manufacturing operations,” he said. “We continue to believe that our industry is going through a significant consolidation period which is impacting overall demand.”
Sales to Europe, Africa and the Middle East,where wireless networks are being built at a faster clip,made up nearly half of Powerwave’s sales in the quarter.
The U.S. made up about 30%, the company said. Asia accounted for 23%.
Powerwave’s largest customers include Nokia Siemens Networks, a venture of Siemens AG and Nokia Corp., which made up about 33% of sales. Paris-based Alcatel-Lucent made up 14% of sales.
