Powerwave’s Profits Exceed Forecasts for 2nd Quarter

Powerwave Technologies Inc., an Irvine maker of power amplifiers for the wireless communications industry, posted a hefty gain in net income for the second quarter, surpassing analysts’ estimates.

Net income surged to $11.4 million, or 18 cents a share, from $4.2 million, or 7 cents a share, a year earlier. Analysts had estimated net income of 16 cents a share, according to a First Call survey.

Sales for the quarter ended July 2 increased 61% to a record $110.5 million.

The results were announced after the close of regular trading in U.S. markets. The stock rose 18%, or $7.88 a share, to $51.81 in Nasdaq trading.

Although the shares are below their 52-week high of $74 on May 1, they have more than doubled in price this year.