General Cable Corporation (NYSE: BGC), one of the most globally diversified industrial companies, reported today results for the second quarter ended June 29, 2012. Non-GAAP adjusted earnings per share of $0.74 and adjusted operating income of $78.7 million were within management’s range of expectations as global volume measured in metal pounds sold for the second quarter increased 2% sequentially and 5% year over year. Diluted earnings per share and reported operating income for the second quarter of 2012 were $0.43 and $72.6 million, respectively. A reconciliation of Non-GAAP earnings per share to GAAP earnings per share and adjusted operating income to reported operating income are included on page 4 of this release.
- Adjusted earnings per share of $0.74 within management’s guidance of $0.65 to $0.75 and up 54% sequentially
- Adjusted operating income of $78.7 million within management’s guidance range and up 47% sequentially
- Global volume as measured in metal pounds in the first half of 2012 increased 4% as compared to the first half of 2011 and 5% as compared to the second half of 2011
- Signed definitive agreement to acquire Alcan Cable, the wire and cable business of Rio Tinto plc for $185 million in cash
- Signed definitive agreement to acquire a majority interest (60%) in Procables S.A. for total consideration of $45 million
Second Quarter Results
Net sales for the second quarter of 2012 were $1,478.1 million, an increase of $66.6 million, or 5%, compared to the second quarter of 2011 on a metal-adjusted basis. Volume based on metal pounds sold increased 5% in the second quarter of 2012 compared to 2011 principally due to the ongoing strength in global aerial transmission product shipments. Sequentially, volume based on metal pounds sold increased 2% principally due to demand in France and the Mediterranean as well as stable demand in most ROW and North American businesses as compared to the first quarter.