General Cable Lowers Q1 Adj. Operating Profit Target - Quick Facts

(RTTNews) - General Cable Corp. (BGC) now sees first-quarter 2014 adjusted operating income to be in the range of $17 million - $27 million, versus its earlier expected range of $30 million - $45 million. The company expects lower first-quarter adjusted operating profit mainly due to uncertainty in Venezuela, extreme weather in North America and lower copper prices.

Going forward into the second quarter, the company still expects a sharp increase in operating results as construction activity accelerates and installation work on submarine projects in the North and Baltic Seas resumes.

For 2014, adjusted operating income is estimated to be at around the low end of the prior $260 million - $320 million range, considering the current lower copper price environment, the ongoing uncertainty in Venezuela and the weather related issues in North America.

The firm repurchased 1.0 million shares, 2% of its common shares or nearly $31 million in the first quarter under its $125 million share buyback authorization, which is set to expire at the year end.