General Cable Slips To Loss In Q3; Plans To Exit Asia Pacific And Africa

(RTTNews) - General Cable Corp. (BGC) reported that its third-quarter net loss attributable to company common shareholders was $124.2 million or $2.55 per share, compared to net income of $5.7 million or $0.11 per share in the same quarter last year.

The company also said it will simplify global portfolio and reduce operational complexity by focusing on core strategic operations in North America, Latin America and Europe; and plans to exit all of its Asia Pacific and African manufacturing operations.

Adjusted earnings per share for the latest-quarter was $0.30.

Net sales for the quarter declined to $1.47 billion from $1.56 billion last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.40 per share and revenues of $1.52 billion for the quarter. Analysts' estimates typically exclude special items.

General Cable also announced that, its Board has formed a search committee to identify the Company's next Chief Executive Officer and has retained an executive search firm to assist in the process. Current President and CEO, Gregory B. Kenny, will continue during the search and is expected to become Chairman of the Board upon the appointment of a new CEO.

Revenues in the fourth quarter are expected to be in the range of $1.425 to $1.475 billion. Global unit volume is anticipated to be flat to up low single digits sequentially principally due to aerial transmission cable shipments in North America and Brazil. The Company anticipates adjusted operating income to be in the range of $40 to $55 million for the fourth quarter. Adjusted earnings per share are expected to be in the range of $0.15 to $0.30 per share for the fourth quarter. The fourth quarter outlook does not include the impact of Venezuela.

The Company expects adjusted operating income in the range of $175 to $190 million for the full year 2014. The Company continues to target adjusted operating cash flow of $135 million for the full year 2014.