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News Breaks
March 27, 2014
08:01 EDTBGCGeneral Cable cuts Q1 adjusted operating outlook to $17M-$27M from $30M-$45M
Relative to the Companyís previously communicated first quarter outlook, business activity in Venezuela has significantly lagged expectations due to the ongoing social unrest and uncertainty surrounding the recently announced price controls. In North America, operating results are expected to lag managementís expectations principally due to the extreme winter weather experienced across the region as unit volume is anticipated to be in the range of 4-6% lower than previously communicated for the first quarter. Finally, first quarter operating results are expected to be impacted by selling higher average cost inventory into a lower metal price environment as copper prices rapidly declined during the month of March. Given the current lower copper price environment, the ongoing uncertainty in Venezuela and the weather related issues in North America, the Company anticipates generating adjusted operating income for 2014 at around the low end of its previously communicated range of $260 to $320M. Going forward into the second quarter, the Company continues to expect a sharp improvement in operating results as construction activity accelerates and installation work on submarine projects in the North and Baltic Seas resumes. The current full year outlook now assumes copper and aluminum (Midwest Premium) prices of $3.01 and $0.96, respectively, and approximately $30M of operating income from Venezuela which is down from the previously communicated expectation of $45M.
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July 30, 2014
17:09 EDTBGCGeneral Cable backs 2014 adjusted income view $200M-$230M
General Cable sees 2014 global unit volume flat to down low single digits year-over-year due to the lack of consistent momentum in utility and construction spending in North America and Latin America as well as ongoing challenges in Spain and Thailand. The company expects to generate $135M-$165M of operating cash flow in 2014 with capital spending below depreciation. The revised operating cash flow outlook principally reflects funding higher working capital for 2014.
17:07 EDTBGCGeneral Cable sees Q3 adjusted 35c-55c, consensus 51c
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17:05 EDTBGCGeneral Cable reports Q2 adjusted EPS 29c, consensus 28c
Reports Q2 revenue $1.53B, consensus $1.60B.

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