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
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