General Cable (BGC) Misses Q2 EPS by 5c, Beats on Sales

General Cable (NYSE: BGC) reported Q2 EPS of $0.25, $0.05 worse than the analyst estimate of $0.30. Revenue for the quarter came in at $994 million versus the consensus estimate of $847.3 million.

Third Quarter Summary

• Reported operating income of $1 million primarily impacted by non-cash charges of $27 million principally related to the sale of operations in China
• Adjusted operating income of $43 million increased $11 million year over year as restructuring savings, metal price tailwinds and continued performance improvement in Latin America more than offset the impact of lower subsea project activity
• Divestiture program nearly complete with the sale of China bringing total proceeds to $220 million and on target to meet previously communicated range of $250 to $300
• Maintained significant liquidity with $363 million of availability on the Company’s $700 million asset-based revolving credit facility and $72 million of cash and cash equivalents
• Impact of higher metal prices was a $6 million benefit compared to a negative $2 million impact in the prior year period
• Board continues to execute on its previously announced review of strategic alternatives to maximize shareholder value, including a potential sale of the Company

For earnings history and earnings-related data on General Cable (BGC) click here.

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