General Cable Reports 1Q Loss

HIGHLAND HEIGHTS, Ky. (AP) — General Cable Corp. (BGC) on Wednesday reported a loss of $38.1 million in its first quarter.

On a per-share basis, the Highland Heights, Kentucky-based company said it had a loss of 78 cents. Earnings, adjusted for non-recurring costs and restructuring costs, came to 35 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 12 cents per share.

The produces wiring used in the energy, industrial, communications and construction sectors posted revenue of $1.26 billion in the period.

General Cable shares have increased 9 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.24, a decrease of 31 percent in the last 12 months.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Tagged with ,

Comment on the story

Your email address will not be published. Required fields are marked *