Shares of Santa Ana’s Powerwave Technologies Inc., a maker of antennas, amplifiers and other gear for cell phone towers, slipped in afterhours trading Monday after the company reported third-quarter results that missed analysts’ expectations.
The stock was down some 6% on a recent market value of about $800 million.
Powerwave reported sales of about $200 million, up 27% from a year earlier.
Analysts were looking for sales of about $203 million.
The company posted a loss of $29 million, roughly the same as in the year-ago quarter.
Analysts were expecting a loss of about $11 million.
Powerwave’s losses included about $16 million in restructuring charges and asset write-downs.
Without the charges, Powerwave would have reported a loss of about $10 million.
The company’s biggest customer is Finland’s Nokia Siemens Networks, which made up about 35% of sales during the third quarter.
France’s Alcatel-Lucent made up 17% of sales.
Powerwave has taken a hit in the past year because of the consolidation among telecommunications companies.
Chief Executive Ron Buscher said the shrinking industry has decreased Powerwave’s customer pool by about 30%.
The company expects demand to pick up soon, Buscher said.
“We continue to believe that the second half of this year is showing signs of increased demand for wireless infrastructure equipment,” he said.
