General Cable Corp.
General Cable (BGC) was the big loser in the extended session after the Highland Heights, Ky.-based wire company disappointed with its fiscal third-quarter report, blaming weak business conditions in Europe and customers deferring purchases late in the quarter because of fluctuations in commodity prices.
The stock was last quoted at $24.01, down 14%, on volume of more than 65,000.
The company reported operating income of $63.4 million, down 21% on a sequential basis from an equivalent profit of $79.8 million in the second quarter. Revenue totaled $1.52 billion for the September-ended quarter, below Wall Street's consensus estimate of $1.61 billion."Our third quarter results reflect continuing weak conditions in Europe and the impact of significant currency volatility and rapid commodity deflation in the latter portion of the quarter," said Gregory Kenny, the company's president and CEO, in a statement. In ROW [rest of world], results were generally consistent with expectations through the first couple months of the quarter. However, the extreme volatility experienced in metal prices in the final weeks of September reduced volumes as we believe some distributors and copper rod customers deferred purchases." General Cable expects fourth-quarter results to continue to feel the pressure. It sees operating income declining to $38 million to $50 million for the December-ending quarter with revenue ranging from $1.40 billion to $1.45 billion. Other stocks active in late trades included Winn-Dixie Stores (WINN), up nearly 9% after the supermarket operator reported a 3.3% increase in same-store sales in the September quarter and said it's seeing similar performance in the first five weeks of the current quarter; and Exelixis (EXEL), which plunged more than 30% after the company said it plans to initiate a late-stage trial of a proposed treatment for metastatic castration-resistant prostate cancer with pain as a primary efficacy endpoint. --Written by Michael Baron in New York.
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