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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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August 31, 2015
16:24 EDTBGCGeneral Cable completes sale of Thailand operations
General Cable announced it has completed the sale of its Thailand operations to MM Logistics Co. Ltd. for cash consideration of approximately $88M. The closing of the sale of the Thailand operations is the first of a two-step closing process. The company expects the second closing to complete the sale of the remaining Asia Pacific operations including China, New Zealand and Australia to occur at the end of September, subject to customary closing conditions. Upon completion, the company expects to generate approximately $205M of cash proceeds from the sale of Thailand, China, New Zealand and Australia. Proceeds will be used to reduce outstanding borrowings and pay related fees and expenses.
16:09 EDTBGCLongbow to hold a conference
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