Manufacturers

General Cable Reports 2Q Loss

HIGHLAND HEIGHTS, Ky. (AP) — General Cable Corp. on Wednesday reported a loss of $6.9 million in its second quarter.

On a per-share basis, the Highland Heights, Kentucky-based company said it had a loss of 14 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 36 cents per share.

The producers’ wiring used in the energy, industrial, communications and construction sectors posted revenue of $1.11 billion in the period.

For the current quarter ending in October, General Cable expects its per-share earnings to range from 2 cents to 22 cents.

The company said it expects revenue in the range of $975 million to $1.02 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $1.25 billion.

General Cable shares have dropped roughly 1 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $14.81, a drop of 31 percent in the last 12 months.

 

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