General Cable Corporation
) reported first-quarter 2012 earnings per share of 49 cents,
missing the Zacks Consensus Estimate of 65 cents. The earnings per
share were below the prior-year earnings per share of 70 cents.
Excluding the impact of 10 cents per share of non-cash
convertible debt interest expense and 11 cents per share of
mark-to-market gains on financial derivatives, adjusted non-GAAP
earnings per share came in at 48 cents in the quarter.
Total revenue, on a metal-adjusted basis in the quarter,
increased by 7% year over year to $1,432.5 million.
Volume based on metal pounds sold increased 3% year over year,
driven by shipment of aerial transmission products globally. Demand
improvement in most of North American and European businesses
increased volume by 6% sequentially.
Sales volume in North America, measured in terms of metal pounds
sold, increased 7% year over year in Europe and in Mediterranean
inched down 1% and in ROW climbed 2%.
Income and Expenses
Operating income in the quarter was $53.4 million compared with
$31.7 million in the prior-year period. Income in the quarter
exceeded the company's expectation. Selling, general and
administrative expenses were $93.8 million compared with $93.9
Cash and cash equivalents were $427.1 million at the end of the
year, with long-term debt of $944.7 million and shareholders equity
of $1.59 billion.
The company expects revenue in second-quarter 2012 to be in the
range of $1.6 billion to $1.65 billion and operating income to be
in the range of $75 million to $85 million. Adjusted earnings per
share are expected to be in the range of 65 cents to 75 cents.
For full-year 2012, volume in terms of metal pounds sold is
expected to increase in the range of 3%-7% year over year.
Operating income is expected to be in the range of $270 million to
$300 million, up 9% to 12% year over year. The company expects most
of the markets to witness gradual improvement or remain flat.
Headquartered in Highland Heights, Kentucky, General Cable is
engaged in the development, design, manufacture, marketing, and
distribution of copper, aluminum and fiber optic wire and cable
products for the energy, industrial, specialty, and communications
markets. The company offers competitive strengths in areas, such as
breadth of product line, brand recognition, distribution and
logistics, sales and service, and operating efficiency.
General Cable Corporation holds a Zacks #3 rank (short-term Hold
GENL CABLE CORP (
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