general cable corp (BGC) Key Developments
General Cable Announces Executive Changes
Jun 8 15
General Cable announced that Michael McDonnell will become its new president and CEO effective July 1, 2015. He replaces Gregory Kenny, who is retiring July 1, 2015 after leading the company since 2001. McDonnell currently serves as the president and CEO of TPC Group. He has held that role since 2011. Prior to that, McDonnell was president, CEO and executive director of Pregis Corp. Kenny will serve General Cable and its board in an advisory capacity through the end of 2015.
General Cable Corp. Elects Ned Hall as Director
May 19 15
General Cable Corp. elected Ned Hall as Director of the company, at the AGM held on May 14, 2015.
General Cable Corp. Declares Quarterly Dividend, Payable on June 26, 2015
May 14 15
General Cable Corporation announced that its Board of Directors declared a quarterly dividend of $0.18 per share on all outstanding common shares. The dividend is payable on June 26, 2015, to all common shareholders of record at the close of business on June 8, 2015.
General Cable Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended April 03, 2015; Provides Earnings Guidance for the Second Quarter of 2015; Provides Capital Expenditures Guidance for the Year 2015
May 6 15
General Cable Corporation reported unaudited consolidated earnings results for the first quarter ended April 03, 2015. For the quarter, net sales were $1,262.3 million compared to $1,430.1 million for the same period last year. Operating income was $7.9 million compared to operating loss of $237.1 million for the same period last year. Loss before income taxes were $41.3 million compared to $361.0 million for the same period last year. Net loss attributable to company common shareholders was $38.1 million compared to $315.4 million for the same period last year. Basic and diluted loss per common share was $0.78 compared to $6.42 for the same period last year. Adjusted operating income was $48.4 million compared to $21.1 million for the same period last year. Adjusted EPS was $0.35 compared to adjusted LPS of $0.05 for the same period last year. Net debt of $1,054,000,000 was down $108 million from the first quarter due to the continued tight management of working capital, which generated $80 million of cash in core operations.
Revenues in the second quarter are expected to be in the range of $1.12 to $1.17 billion. Unit volume in the company’s core operations is anticipated to be up low single digits sequentially principally due to seasonal demand trends. The company expected adjusted operating income to be in the range of $40 million to $55 million for the second quarter. Adjusted earnings per share are expected to be in the range of $0.20 to $0.40 per share for the second quarter. The company’s second quarter outlook assumes copper (COMEX) and aluminum (LME) prices of $2.94 and $0.87, respectively, and constant foreign currency exchange rates. The second quarter outlook does not include operating results from Venezuela, Asia Pacific and Africa.
The company has budgeted capital expenditures in the range of $40 million to $50 million for 2015.
General Cable Corp. to Report Q1, 2015 Results on May 06, 2015
Apr 17 15
General Cable Corp. announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on May 06, 2015