General Cable Shares Up After 1Q Results, Outlook
Stock quotes in this article:
BGC
NEW YORK (AP) — Shares of General Cable Corp., surged Friday after the electrical equipment maker beat first-quarter earnings forecasts and offered an optimistic outlook for the second quarter.
Shares jumped $5.46, or 20 percent, to $32.60 in afternoon trading. The stock has traded between $6.73 and $75 in the last 12 months. General Cable said late Thursday it earned $48.3 million, or 92 cents per share, in the first three months of the year, down from $59 million, or $1.08 per share, a year ago. Excluding special items, earnings came to $1 per share. That was well above the average analyst forecast of 56 cents, according to a Thomson Reuters poll. Analysts typically exclude one-time items from their estimates. Sales fell 34 percent to $1.04 billion from $1.57 billion, slightly below the $1.14 billion predicted by analysts. In a statement, Chief Executive Gregory Kenny said better pricing and slightly higher order volumes helped results. But he warned that "we see no clear sign that a bottom has been reached in overall demand." Still, the Highland Heights, Ky.-based company projected adjusted second-quarter earnings of 70 cents to 90 cents per share and revenue of $1.2 billion to $1.25 billion. Analysts were looking for 69 cents on $1.2 billion in sales.- Loading Comments...
- Loading Comments...
Recent Comments
Featured Photo Galleries
-
Bernanke Says Large Bank Bailouts ‘Unconscionable,’ Must End
BusinessWeek Online
-
The week in review at Credit Writedowns: 2010-03-20
Credit Writedowns
-
Obama: Dodd's Financial Overhaul 'Essential'
The Wall Street Journal.
-
PIIGS Debt Coming Due
Calculated Risk
-
Bank Failure Update
Calculated Risk
-
Boy Arrested in Wal-Mart Case in New Jersey
New York Times
-
India’s Interest Rate Rise ‘Sign of Things to Come’ (Update1)
BusinessWeek Online
-
Business Briefing | Economy: Retail Sales in Canada Rose in January
New York Times
-
When drug makers' profits outweigh penalties
Washington Post
-
Amazon Apologizes to Michael Lewis Over Kindle Flap
The Big Picture
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,741.98 | 1,159.90 | 2,374.41 | 36.87 |
Oil *
79.80
|
|
DOWN
37.19
|
DOWN
5.92
|
DOWN
16.87
|
UP
0.15
|
10 Yr
3.69%
SPDR Gold
108.28
|
|
-0.34%
|
-0.51%
|
-0.71%
|
+0.41%
|
Data delayed 20 minutes |
More From TheStreet
Latest HeadlinesBrokerage Partners
Sponsored Links














