wiredinUSA September 2014

INDEX

Slow recovery making an impact

General Cable has reported slightly higher than anticipated second quarter earnings, but its stock fell almost 10 percent. Adjusted earnings of 29 cents per share beat the average analyst estimate, but is down from 35 cents per share recorded for the same period last year. Adjusted operating income came in at $57 million, also down from adjusted operating income of $64.5 million in the second quarter of 2013. General Cable CEO Gregory Kenny said that bothearnings per shareandoperating income fell within the management’s

guidance range for the second quarter. Of the copper andwire cablemanufacturer’s performance, he said: “The wire and cable industry has been wading through a lengthy and uneven recovery.” General Cable is in the midst of a restructuring that includes the closure of three facilities in India, Peru and Mexico. Kenny said the restructuring program will result in $12 million in annual savings after a $50 million one-off cost. General Cable projected an outlook of $200 million to $230 million in adjusted operating income for 2014.

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