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Stock Market & Financial Investment News

News Breaks
February 25, 2013
08:07 EDTBGCGeneral Cable confirms FY13 operating income guidance $300M-$340M
For the full year of 2013 assuming copper prices remain at relatively stable levels, the Company confirms its guidance for operating income in the range of $300 to $340 million on 1.4 to 1.5 billion metal pounds sold. However, the first quarter of 2013 is anticipated to be the weakest of the year as specific factors in Europe and Mediterranean and ROW are expected to impact results. Specifically, installation and construction related activities in the Company’s Europe and Mediterranean submarine turnkey project business are anticipated to be seasonally slow during the first quarter of the year and improving as weather permits in the spring and summer months. In ROW, the timing of a change in local statutory leave requirements in Venezuela, which resulted in an extended vacation period in the beginning of the year, is expected to burden first quarter results with minimal impact going forward. The Company expects sequentially better results in nearly all North American businesses and strong earnings contributions from acquisitions in the first quarter of 2013. Overall, the Company anticipates a sharp improvement in second quarter results as the construction season accelerates and these transitory items subside.
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July 10, 2014
10:53 EDTBGCGeneral Cable slides after cutting jobs, FY14 income guidance
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06:44 EDTBGCGeneral Cable to host conference call
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July 9, 2014
16:22 EDTBGCGeneral Cable sees Q2 adjusted operating income within prior guidance
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16:21 EDTBGCGeneral Cable lowers FY14 adjusted operating income view to $200M-$230M
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16:18 EDTBGCGeneral Cable announces restructuring, to cut about 7% of workforce
General Cable announced it is implementing a restructuring program designed to improve profitability and return on invested capital in each of its three reportable segments. The restructuring program, which builds on the company’s existing productivity and asset optimization plans, is expected to result in ongoing annual savings of approximately $75M, beginning in 2014 with full realization starting in early 2016. The restructuring program is focused on the closure of certain underperforming assets as well as the consolidation and realignment of other facilities. The company is also implementing reductions in selling, general and administrative expenses globally. As a result of the restructuring, the company expects to record pre-tax charges of approximately $200M, which includes approximately $80M of cash costs. The company anticipates a majority of the total charges will be incurred in 2014. These actions are anticipated to result in the elimination of approximately 1,000 positions globally, representing nearly 7% of the company’s workforce. Progress on the restructuring will be communicated periodically throughout the implementation of the program which is expected to be completed over the next 12 months, the company said.
16:16 EDTBGCGeneral Cable announces restructuring, revises 2014 income view

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