This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

General Cable Reports Fourth Quarter Results

General Cable Corporation (NYSE: BGC), one of the most globally diversified industrial companies, reported today results for the fourth quarter ended December 31, 2011. Diluted earnings per share for the fourth quarter of 2011 were $0.09. Included in these results were $0.10 per share of non-cash convertible debt interest expense and $0.11 per share of mark to market losses on financial derivatives accounted for as economic hedges. Before the impact of these items, non-GAAP earnings per share for the fourth quarter of 2011 would have been $0.30.

  • Despite the impact of metal cost headwinds, operating income in North America of $17.3 million exceeded management’s expectation in the fourth quarter of 2011
  • Project backlog advanced during the fourth quarter for submarine and land-based turnkey cable projects in Europe as the Company added two new projects totaling more than $65 million, collectively, resulting in a total project backlog at the end of 2011 of more than $650 million
  • Pan-European market strategy continues to advance as the Company further aligns resources and reduces its cost base; including the action taken in the fourth quarter of 2011, headcount in our Iberian business has been reduced by 20% at a cost of approximately $29 million over the last four years
  • Excluding aerial transmission product shipments in Brazil and our business in Thailand, which was severely impacted by flooding in the fourth quarter, ROW volume as measured in metal pounds sold in the fourth quarter of 2011 increased 10% sequentially and 12% year over year
  • Operating cash flow in the fourth quarter of $137 million, reflecting seasonal trends
  • The Company repurchased $62.5 million or about 5% of its common shares during the fourth quarter under the terms of its $125 million Share Repurchase Program
  • Industry Week ’s 2011 Top 10 Best Plants in North America was received by our Lawrenceburg, Kentucky and Lincoln, Rhode Island facilities

Fourth Quarter Results

Net sales for the fourth quarter of 2011 were $1,369.1 million, an increase of $100.6 million, or 8%, compared to the fourth quarter of 2010 on a metal-adjusted basis. Volume based on metal pounds sold decreased 5% in the fourth quarter of 2011 compared to 2010 principally as a result of weaker demand experienced throughout Europe in our non-project based businesses and the record metal-intensive aerial transmission product shipments in North America in the fourth quarter of 2010. Sequentially, strong aerial transmission product shipments in North America and project related activities in our submarine power and terrestrial high voltage and extra-high voltage businesses in Europe were more than offset by the weak Iberian market and the impact of severe flooding in Thailand as volume in terms of metal pounds sold declined 4%.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community


Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs