BGC » Topics » Second Quarter 2008 Outlook

This excerpt taken from the BGC 8-K filed Apr 29, 2008.

Second Quarter 2008 Outlook


“The Company is clearly benefiting from its strategic investments to expand into new products and geographies more than offsetting the ongoing weakness in certain product lines in the developed economies.  Despite the weakening U.S. and Spanish economies, as well as rapidly increasing copper and other raw material prices, for the second quarter, the Company expects to report earnings per share of $1.20 to $1.30 compared to adjusted earnings per share of $1.07 in the second quarter of 2007, a double digit percentage increase, on revenues of approximately $1.7 to $1.8 billion,” Kenny concluded. Reported diluted earnings per share in the second quarter of 2007 were $1.15, including $0.08 tax benefit from the reduction in certain state deferred tax asset valuation allowances. Without this tax benefit, earnings per share would have been $1.07.


General Cable will discuss first quarter results on a conference call and webcast at 8:30 a.m. ET tomorrow, April 30, 2008. For more information please see our website at www.generalcable.com.


General Cable (NYSE:BGC) is a global leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the energy, industrial,  and communications markets. Visit our website at www.generalcable.com.


Certain statements in this press release, including without limitation, statements regarding future financial results and performance, plans and objectives, capital expenditures and the Company’s or management’s beliefs, expectations or opinions, are forward-looking statements. Actual results may differ materially from those statements as a result of factors, risks and uncertainties over which the Company has no control. Such factors include the economic strength and competitive nature of the geographic markets that the Company serves; economic, political and other risks of maintaining facilities and selling products in foreign countries; changes in industry standards and regulatory requirements; advancing technologies, such as fiber optic and wireless technologies; volatility in the price of copper and other raw materials, as well as fuel and energy and the Company’s ability to reflect such volatility in its selling prices; interruption of supplies from the Company’s key suppliers; the failure to negotiate extensions of the Company’s labor agreements on acceptable terms; the Company’s ability to increase manufacturing capacity and achieve productivity improvements; the Company’s dependence upon distributors and retailers for non-exclusive sales of certain of  the Company’s products; pricing pressures in the Company’s end markets; the Company’s ability to maintain the uncommitted accounts payable or accounts receivable financing arrangements in its European operations; the impact of any additional charges in connection with plant closures and the Company’s inventory accounting practices; the impact





This excerpt taken from the BGC 8-K filed Feb 12, 2008.

First Quarter 2008 Outlook


“The Company continues to benefit from its strategic investments in new products and geographies more than offsetting the ongoing weakness in certain product lines in the developed economies.  For the first quarter, the Company expects to report earnings per share of $1.05 or more compared to an adjusted earnings per share of $1.01 in the first quarter of 2007, on revenues of approximately $1.5 billion,” Kenny concluded.


This excerpt taken from the BGC 8-K filed Oct 31, 2007.

Fourth Quarter 2007 Outlook


The Company continues to benefit from strong global demand for many of our products. The North American Electric Reliability Corporation (NERC) recently suggested that many regions in North America will fall below their target electricity capacity margins within the next two or three years.  Additionally, NERC suggested that planned transmission projects are significantly higher than projected a year ago. The Company believes this assessment supports our view of a continuation of a long-term upgrade cycle for the aging transmission grid. However, demand for low voltage utility products in North America will likely continue to be weak as a result of continued new home construction weakness with particular impact on low voltage distribution products. As a result, we expect growth in the overall utility segment to moderate. The Company will be lowering production levels of certain utility products in North America in the fourth quarter in an effort to better align its production and inventory mix with end market demand, which will have the benefit of increasing operating cash flows. While this will result in some short-term inefficiency in certain manufacturing facilities, overall the Company is expected to grow operating earnings by 20% or more in the fourth quarter compared to the prior year before the benefit of PDIC.


Revenues for the fourth quarter without PDIC are expected to be approximately $1.05 billion, an increase of 12% from the fourth quarter of 2006 on a metal adjusted basis.  In addition, PDIC will contribute approximately $220 million of revenues for the balance of the fourth quarter. For the fourth quarter, the Company expects to report earnings per share of approximately $0.80 to $0.85, including estimated contributions from the PDIC operations, the related financing impact, and purchase accounting related expenses. “Looking forward, we are increasing our accretion guidance for 2008 related to the acquisition of PDIC from a range of $0.20 to $0.30 to a range of $0.40 to $0.50 due to the continuing strength of PDIC’s end markets,” Kenny concluded.


General Cable will discuss third quarter results on a conference call and webcast at 8:30 a.m. ET tomorrow, November 1, 2007. For more information please see our website at www.generalcable.com.


General Cable (NYSE:BGC) is a global leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the energy, industrial,  and communications markets. Visit our website at www.generalcable.com.













This excerpt taken from the BGC 8-K filed Jul 31, 2007.

Third Quarter 2007 Outlook


“The weaker housing market in Spain, Oceania, and the United States continues to be offset by strong infrastructure project demand and opportunities in new markets, underscoring the importance of the Company’s product and geographic diversification over the last several years. In North America, a couple of large transmission projects have been pushed out from the middle of 2007 until the first half of 2008. To give you a sense of size and scale, the total transmission cable required for just one of these projects would represent a significant percentage of the Company’s annual transmission cable manufacturing capacity. Given the nature of these and other large scale projects, I expect timing volatility for both overhead and underground high voltage transmission systems as well as submarine projects will continue to make short term forecasting a bit more difficult. Versus the second quarter, the Company will fully absorb facility



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vacation shutdowns and maintenance typically scheduled for the July and August timeframe as well as the normal seasonality of many of our markets. Therefore, for the third quarter of 2007, we expect to report revenues of approximately $1.1 billion and earnings per share in the range of $0.85 to $0.90, again up nicely from the prior year,” Kenny said. For the third quarter, the Company has estimated 56.2 million fully diluted shares for purposes of calculating earnings per share.  This represents about $0.05 dilution from the share count at the end of the first quarter of 2007.


General Cable will discuss second quarter results on a conference call and webcast at 8:30 a.m. ET tomorrow, August 1, 2007. For more information please see our website at www.generalcable.com.


With $4 billion of revenues and 9,000 employees, General Cable (NYSE:BGC) is a global leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the energy, industrial,  and communications markets. Visit our website at www.generalcable.com.


Certain statements in this press release, including without limitation, statements regarding future financial results and performance, plans and objectives, capital expenditures and the Company’s or management’s beliefs, expectations or opinions, are forward-looking statements. Actual results may differ materially from those statements as a result of factors, risks and uncertainties over which the Company has no control. Such factors include the economic strength and competitive nature of the geographic markets that the Company serves; economic, political and other risks of maintaining facilities and selling products in foreign countries; changes in industry standards and regulatory requirements; advancing technologies, such as fiber optic and wireless technologies; volatility in the price of copper and other raw materials, as well as fuel and energy and the Company’s ability to reflect such volatility in its selling prices; interruption of supplies from the Company’s key suppliers; the failure to negotiate extensions of the Company’s labor agreements on acceptable terms; the Company’s ability to increase manufacturing capacity and achieve productivity improvements; the Company’s dependence upon distributors and retailers for non-exclusive sales of certain of  the Company’s products; pricing pressures in the Company’s end markets; the Company’s ability to maintain the uncommitted accounts payable or accounts receivable financing arrangements in its European operations; the impact of any additional charges in connection with plant closures and the Company’s inventory accounting practices; the impact of certain asbestos litigation, unexpected judgments or settlements and environmental liabilities; the ability to successfully identify, finance and integrate acquisitions; the impact of terrorist attacks or acts of war which may affect the markets in which the Company operates; the Company’s ability to  retain key employees; the Company’s ability to service debt requirements and maintain adequate domestic and international credit facilities and credit lines; the impact on the Company’s operating results of its  pension accounting practices; volatility in the market price of the Company’s common stock all of which are more fully discussed in the Company's Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2007, as well as periodic reports filed with the Commission.


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This excerpt taken from the BGC 8-K filed May 1, 2007.

Second Quarter 2007 Outlook


Commenting on the outlook for the second quarter of 2007, Kenny said, “Recent copper price volatility greatly complicates short term forecasting as we must estimate the metal direction and recovery timing principally to our distribution and retail channel partners which represent about 40% of our revenues.  Overall, for the second quarter we expect revenues to approach $1.1 billion and diluted earnings per share are expected to be $1.00 or higher.  In the second quarter of 2006, we earned an adjusted $0.61 per share, excluding tax related benefits and metal gains noted in our release at that time.  The second quarter seasonal peak of revenue and earnings that we have historically experienced appear to be moderating. We believe this is due principally to the geographic and product expansion we have made over the last few years coupled with a reduction in our exposure to telecommunications cable demand, traditionally our most seasonal business.”


General Cable will discuss first quarter results on a conference call and webcast at 8:30 a.m. ET tomorrow, May 2. For more information please see our website at www.generalcable.com.


With $3.7 billion of revenues and 8,000 employees, General Cable (NYSE:BGC) is a global leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the energy, industrial,  and communications markets. Visit our website at www.generalcable.com.



Certain statements in this press release, including without limitation, statements regarding future financial results and performance, plans and objectives, capital expenditures and the Company’s or management’s beliefs, expectations or opinions, are forward-looking statements. Actual results may differ materially from those statements as a result of factors, risks and uncertainties over which the Company has no control. Such factors include the economic strength and competitive nature of the geographic markets that the Company serves; economic, political and other risks of maintaining facilities and selling products in foreign countries; changes in industry standards and regulatory requirements; advancing technologies, such as fiber optic and wireless technologies; volatility in the price of copper and other raw materials, as well as fuel and energy and the Company’s ability to reflect such volatility in its selling prices; interruption of supplies from the Company’s key suppliers; the failure to negotiate extensions of the Company’s labor agreements on acceptable terms; the Company’s ability to increase manufacturing capacity and achieve productivity improvements; the Company’s dependence upon distributors and retailers for non-exclusive sales of certain of  the Company’s products; pricing pressures in the Company’s end markets; the Company’s ability to maintain the uncommitted accounts payable or accounts receivable financing arrangements in its European operations; the impact of any additional charges in connection with plant closures and the Company’s inventory accounting practices; the impact of certain asbestos litigation, unexpected judgments or settlements and environmental liabilities; the ability to successfully identify, finance and integrate acquisitions; the impact of terrorist attacks or acts of war which may affect the markets in which the Company operates; the Company’s ability to  retain key employees; the Company’s ability to service debt requirements and maintain adequate domestic and international credit facilities and credit lines; the impact on the Company’s operating results of its  pension accounting practices; volatility in the market price of the Company’s common stock all of which are more fully discussed in the Company's Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2007, as well as periodic reports filed with the Commission.

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This excerpt taken from the BGC 8-K filed Feb 7, 2007.

First Quarter 2007 Outlook


Commenting on the outlook for the first quarter of 2007, Kenny said, “We expect to see strong demand for all our products utilized in energy exploration, production, transmission, and distribution.  Backlogs are growing and market pricing continues to strengthen.  In this regard, our acquisitions of energy transmission and distribution specialists, Silec and ECN, have proven to be timely. In addition, we are right on target with respect to the synergies identified. Because of the late fourth quarter reduction in copper prices, some of our distribution partners appear to have reduced their inventory profile. We expect stocking activity to pick up throughout the quarter.  Overall, for the first quarter we expect revenues between $950 million and $1 billion and fully diluted earnings per share of $0.75 or higher,” Kenny concluded.


General Cable will discuss fourth quarter results on a conference call and webcast at 8:30 a.m. ET tomorrow, February 8. For more information please see our website at www.generalcable.com.



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This excerpt taken from the BGC 8-K filed Oct 30, 2006.

Fourth Quarter 2006 Outlook


Commenting on the outlook for the fourth quarter of 2006, Kenny said “Despite increased inventories and rebalancing by some distributors who bought ahead of a rising copper market, demand and pricing in many of our end markets continue to be strong going into the seasonally slower winter months. In particular, we expect organic metal-adjusted double-digit revenue growth versus the prior year for our global Electric Utility business.   Overall, for the fourth quarter we expect revenues between $900 and $925 million and fully diluted earnings per share of between $0.55 and $0.60, an increase of roughly 100% from the adjusted earnings per share of $0.29 in the fourth quarter of 2005,” Kenny concluded.



General Cable will discuss third quarter results on a conference call and webcast at 8:30 a.m. ET tomorrow, October 31. For more information please see our website at www.generalcable.com.


With  $3.5 billion of annualized revenues and 7,700 employees, General Cable (NYSE:BGC) is a global leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the energy, industrial,  and communications markets. Visit our website at www.generalcable.com.


Certain statements in this press release, including without limitation, statements regarding future financial results and performance, plans and objectives, capital expenditures and the Company’s or management’s beliefs, expectations or opinions, are forward-looking statements. Actual results may differ materially from those statements as a result of factors, risks and uncertainties over which the Company has no control. Such factors include the economic strength and competitive nature of the geographic markets that the Company serves; economic, political and other risks of maintaining facilities and selling products in foreign countries; changes in industry standards and regulatory requirements; advancing technologies, such as fiber optic and wireless technologies; volatility in the price of copper and other raw materials, as well as fuel and energy and the Company’s ability to reflect such volatility in its selling prices; interruption of supplies from the Company’s key suppliers; the failure to negotiate extensions of the Company’s labor agreements on acceptable terms; the Company’s ability to increase manufacturing capacity and achieve productivity improvements; the Company’s dependence upon distributors and retailers for non-exclusive sales of certain of  the Company’s products; pricing pressures in the Company’s end markets; the Company’s ability to maintain the uncommitted accounts payable or accounts receivable financing arrangements in its European operations; the impact of any additional charges in connection with plant closures and the Company’s inventory accounting practices; the impact of certain asbestos litigation, unexpected judgments or settlements and environmental liabilities; the ability to successfully identify, finance and integrate acquisitions; the impact of terrorist attacks or acts of war which may affect the markets in which the Company operates; the Company’s ability to  retain key employees; the Company’s ability to service debt requirements and maintain adequate domestic and international credit facilities and credit lines; the impact on the Company’s operating results of its  pension accounting practices; the Company’s ability to avoid limitations on utilization of net losses for income tax purposes; volatility in the market price of the Company’s common stock all of which are more fully discussed in the Company's Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2006, as well as periodic reports filed with the Commission


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This excerpt taken from the BGC 8-K filed Feb 8, 2006.

First Quarter 2006 Outlook


Commenting on the first quarter of 2006, Kenny said, “We continue to experience an upward trend in demand for non-residential industrial, oil, gas, and petrochemical (OGP), energy, and enterprise networking products from our customers in North America and Europe, and accelerating demand for our products from the developing nations. Our early read on the Silec acquisition has been positive.  Our teams are working through the integration plan with particular focus on leveraging technology, market reach, and manufacturing best practices. Booking activity continues to be robust throughout all of our product lines and geographies. For the first quarter of 2006 we expect revenues to be between $680 million and $700 million, including approximately $60 million from acquisitions completed at the end of 2005. This assumes copper continues to trade in a range of $2.20 to $2.30 per pound during the first quarter. On a diluted per share basis, earnings should approximate $0.23 to $0.29, compared to first quarter 2005 diluted earnings per share of $0.18. We continue to introduce new price increases to recover raw material inflation as copper and aluminum accelerate to new highs,” Kenny concluded.




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This excerpt taken from the BGC 8-K filed Nov 2, 2005.

Fourth Quarter Outlook


“For the fourth quarter of 2005 we expect revenues to be up about 5% on a metal-adjusted basis compared to the fourth quarter of 2004 while operating income (excluding plant rationalization charges of approximately $6 million on a pre-tax basis), should increase substantially” commented Kenny. “On a diluted per share basis, excluding the plant rationalization charges, earnings should approximate $0.15 to $0.19 with copper averaging in the $1.80 to $1.85 per pound range, well above the $1.70 average of the third quarter.  Copper continues to move to new highs and has recently touched $1.98 per pound on a spot basis. The Company has approximately 40% of its copper related business tied to contracts which provide for a pass-through of these increasing metals prices. We continue to work closely with our non-contractual customers and distribution partners to make sure that these raw material increases are understood and accepted in the form of increasing prices for our products in the market. Our outlook excludes the impact of the Silec acquisition, which may close during the fourth quarter.”


This excerpt taken from the BGC 8-K filed Aug 2, 2005.

Third Quarter Outlook


“For the third quarter of 2005 we should deliver our tenth straight quarter of year-over-year top-line growth with sales up approximately three to five percent in comparison to metal-adjusted sales in the third quarter of 2004. Operating income (excluding plant rationalization charges which should approximate $20 million on a pre-tax basis), should increase between twenty and twenty five percent,” commented Kenny. “On a diluted per share basis, excluding the plant rationalization charges, earnings should approximate $0.20 to $0.24 with copper in the $1.60 to $1.65 per pound range.  Copper has recently moved up sharply from the second quarter average of $1.53 per pound reaching a historic high of about $1.70 per pound. As a result, the Company has announced price increases to its non-contractual customers and may need to issue future increases to recapture these higher costs.”



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