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 Third Quarter Results; Adjusted EPS Of $0.60 Within Management’s Range Of Expectations; Operating Income Of $75.4 Million Exceeded Management’s Range Of Expectations; Announces Agreement To Acquire Prestolite Wire, LLC


The higher than expected effective tax rate in the third quarter of 45.9% reflects additional tax expense of $6.1 million attributable to the cumulative adjustment impact of a higher full year forecasted effective tax rate at the third quarter relative to the second quarter, which is primarily due to relatively greater earnings in higher tax jurisdictions and certain quarter-discrete tax items.

Preferred Stock Dividend

In accordance with the terms of the Company’s 5.75% Series A Convertible Redeemable Preferred Stock, the Board of Directors has declared a regular quarterly preferred stock dividend of approximately $0.72 per share. The dividend is payable on November 26, 2012 to preferred stockholders of record as of the close of business on October 31, 2012. The Company expects the quarterly dividend payment to be less than $0.1 million.


A well-established, privately owned manufacturer, Prestolite Wire, LLC through its two manufacturing facilities in the United States and Mexico offers a broad range of wire and cable and wire harness products serving predominately transportation OEMs, tier 1 wire harness manufacturers and distribution customers. In 2011, Prestolite reported revenues of $170 million and is expected to be accretive in the first full year of operation. The Company expects to close on this acquisition in the next month.

"We are excited about the growth opportunities as a result of the Prestolite acquisition. Prestolite has built a strong brand and a broad base of long-standing customers through its reputation as a manufacturer of superior quality products and innovation, with a sharp focus on high temperature, and abrasion and corrosion resistant applications,” said Roger Roundhouse, Senior Vice President and General Manager, Transportation Wire and Assemblies. “This acquisition is highly complementary to our existing transportation and OEM oriented businesses as approximately 90% of Prestolite’s revenues are generated from products that are incremental to the General Cable’s existing product portfolio. Additionally the acquisition of Prestolite provides greater access to the evolving and growing transportation segment of the wire and cable industry.”

6 of 8

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


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs