wiredinUSA September 2014

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wiredInUSA - September 2014 27
27 ir I - t r
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.