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General Cable Reports First Quarter Results; Metal Cost Headwinds Subside; Volumes Increase Both Year Over Year And Sequentially

General Cable Corporation (NYSE: BGC), one of the most globally diversified industrial companies, reported today results for the first quarter ended March 30, 2012. Non-GAAP adjusted earnings per share for the first quarter were $0.48. Operating income of $53.4 million exceeded management’s expectation as metal cost headwinds subsided and volume was better than expected during the quarter. Global volume as measured in metal pounds sold increased 6% sequentially and was up 3% year over year. Diluted earnings per share for the first quarter of 2012 were $0.49. A reconciliation of Non-GAAP earnings per share to GAAP earnings per share is included on page 4 of this release.

Highlights
  • Despite the impact of metal cost headwinds in the early part of the first quarter, operating income of $53.4 million exceeded management’s expectation increasing 69% sequentially
  • Operating income in North America increased $13.1 million or 76% to $30.4 million in the first quarter of 2012 from $17.3 million in the fourth quarter of 2011
  • Adjusted earnings per share increased 60% to $0.48 per share in the first quarter of 2012 from $0.30 per share in the fourth quarter of 2011
  • Excluding project driven metal intensive aerial transmission product shipments in Brazil and North America, global volume as measured in metal pounds sold in the first quarter of 2012 increased 7% sequentially
  • Excluding aerial transmission product shipments, volume as measured in metal pounds sold in North America increased 14% sequentially and 2% year over year
  • Maintained global project backlog of $650 million for our European based submarine and land turnkey cable projects business
  • Inaugurated state of the art manufacturing facility in Baddi, India offering a full range of products servicing the $8.0 billion Indian wire and cable market
  • Expanded the Company’s transportation and industrial harness business into South America through the acquisition of Delphia Produtos Electricos in Brazil; further enhancing the Company’s ability to support the needs of its global customers

First Quarter Results

Net sales for the first quarter of 2012 were $1,432.5 million, an increase of $93.4 million, or 7%, compared to the first quarter of 2011 on a metal-adjusted basis. Volume based on metal pounds sold increased 3% in the first quarter of 2012 compared to 2011 principally due to global aerial transmission product shipments. Sequentially, volume based on metal pounds sold increased 6% principally due to improved demand in most North American and European businesses.

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