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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 Companyís 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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April 15, 2014
05:46 EDTBGCGeneral Cable upgraded to Buy from Neutral at Longbow
Longbow upgraded General Cable to Buy with a $36 price target citing an attractive risk/reward profile.
April 2, 2014
16:10 EDTBGCGeneral Cable announces decision by European Commission in power cables case
General Cable Corporation announced that the European Commission has issued a decision on the liability of producers of submarine and underground high voltage power cables for infringement of European competition law. The Power Cables Case was initiated by a Statement of Objections or preliminary complaint in June 2011 addressed to twelve company groups involving twenty-seven companies alleging that the companies had participated in a cartel to restrict competition on submarine and underground high voltage projects from 1999 to 2009. The Statement of Objections further alleged that two subsidiaries of General Cable, its Spanish subsidiary, Grupo General Cable Sistemas, and its French subsidiary, Silec Cable, had participated in the cartel for different periods of time. Following formal responses to the Commissionís Statement of Objections and a hearing, claims of infringement against Grupo General Cable Sistemas have been dismissed for lack of evidence of alleged cartel activity. With regard to Silec Cable, the Commissionís decision imposed a fine of 1,852,500 Euros related to the period Silec Cable has been owned by General Cable. This fine was based on participation that allegedly commenced well before Silec Cable was acquired by General Cable. General Cable is currently reviewing the European Commissionís decision and is considering whether to appeal the Commission decision based on established precedent. General Cable will also continue to pursue its rights to claim full indemnification for the Silec Cable fine under the previously disclosed terms of the acquisition agreement with Safran SA executed in 2005.
06:33 EDTBGCGoldman Sachs, Prysmian, Nexans fined by EU regulators, Reuters reports
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