Powerwave Shares Rise 14% After Good Report

Powerwave Technologies Inc. shares rose 14% Wednesday in heavy trading after the company reported better-than-expected second-quarter earnings amid strong sales of products for personal communications services phone networks.

Powerwave shares rose $4 to a record high of $32.63. About 1.03 million shares changed hands, almost nine times the daily average. Powerwave began trading Dec. 6 after an initial public offering of 2.4 million shares priced at $11.50 a share.

Powerwave late Tuesday reported record earnings of $3.43 million, or 20 cents a share, for the quarter ended June 29, up from $1.93 million, or 13 cents a share, a year ago. Analysts had estimated earnings of 17 cents a share.

The increase was driven by strong sales of Powerwave’s products to three wireless phone companies in Korea, said Kevin Michaels, Powerwave’s chief financial officer.

Revenue increased 79% to $27.4 million from $15.3 million in the year-earlier period.