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 Second Quarter Results; Adjusted EPS Of $0.74 Within Management’s Range Of Expectations

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.

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs