REFILE-UPDATE 1-Powerwave posts surprise quarterly profit

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May 5 (Reuters) - Wireless-equipment maker Powerwave Technologies Inc (PWAV.O: Quote, Profile, Research) posted a surprise quarterly profit before items, helped by strong demand for its products and its restructuring efforts to reduce costs, sending its shares up 11 percent.

The company, whose biggest customers in the quarter were Nokia Siemens Networks [NSN.UL] and Alcatel-Lucent (ALUA.PA: Quote, Profile, Research), said it would continue its focus on driving cost reductions throughout its business.

Nokia-Siemens, a joint venture between Nokia (NOK1V.HE: Quote, Profile, Research) and Siemens (SIEGn.DE: Quote, Profile, Research), and Alcatel-Lucent accounted for about 50 percent of Powerwave's revenue in the first quarter.

The company's first-quarter net loss narrowed to $14.2 million, or 11 cents per share, from a net loss of $47.1 million, or 36 cents per share, a year earlier.

Revenue rose 38 percent to $226.3 million.

Excluding restructuring and impairment charges, and intangible asset amortization, Powerwave earned 1 cent a share. Analysts expected a loss of 3 cents a share, excluding exceptional items, on revenue of $203.7 million, according to Reuters Estimates.

The stock rose to $3.22 in trading after the bell, after closing at $2.90 Monday on Nasdaq. (Reporting by John Tilak in Bangalore; Editing by Vinu Pilakkott)