General Cable 2nd-qtr profit down
July 30 |
July 30 (Reuters) - General Cable Corp posted lower quarterly results and cut its 2012 forecast for adjusted operating income as well as that for unit volume, citing economic uncertainties and metal cost volatility.
The maker of copper, aluminum and fiber optic wire and cable products, forecast adjusted operating income of $260 million to $280 million for 2012, down from its prior outlook of $270 million to $300 million.
The company now expects a 2 to 4 percent increase in unit volume for 2012, down from its prior outlook of an increase of 3 to 7 percent.
"Overall, the visibility in our businesses has become more limited due to the ongoing economic uncertainty in Europe and to some extent, China and the ongoing volatility of raw material cost inputs," Chief Executive Gregory Kenny said in a statement.
Second-quarter net income fell to $21.8 million, or 43 cents per share, from $37.5 million, or 68 cents per share, a year ago.
Net sales, as reported, fell 3 percent to $1.48 billion.
General Cable shares were down more than 3 percent to $26.75 in extended trade. They closed at $27.57 on Monday on the New York Stock Exchange.
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