Key Developments: General Cable Corp (BGC)
35.63USD
22 May 2013
$0.55 (+1.57%)
$35.08
$35.04
$35.71
$34.70
156,396
672,013
$37.14
$23.73
Latest Key Developments (Source: Significant Developments)
General Cable Corp Announces Initiation Of Quarterly Dividend And Extends $125 Million Share Repurchase Authorization Through The End Of 2013
General Cable Corp announced that Board of Directors has authorized the payment of a regular quarterly dividend. The Board declared an initial quarterly dividend of $0.18 per share, payable on June 28, 2013 to all common shareholders of record as of June 10, 2013. The quarterly dividend is the first for General Cable since 2002. In addition, the Board extended the Company`s existing $125 million, one-year share repurchase program originally adopted in October 2012. The 2012 repurchase program authorization will now continue through the end of 2013. This program has not been utilized by the Company principally due to restrictions implemented while the Company restated its financial statements at the end of 2012 and into the early part of 2013. Full Article
General Cable Corp Issues Q2 2013 Guidance Below Analysts' Estimates
General Cable Corp announced that for the second quarter of 2013, it expects revenue of $1.7 billion to $1.75 billion and adjusted earnings per share (EPS) at $0.50 to $0.60. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $1.76 billion and EPS of $0.79 for the second quarter of 2013. Full Article
General Cable Corp Reaffirms Q1 2013 Guidance-Conference Call
General Cable Corp announced that for the first quarter of 2013, it expects at about $1.55 billion to $1.6 billion and adjusted earnings per share (EPS) at $0.22 to $0.32. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $1.58 billion and EPS of $0.26 for the first quarter of 2013. Full Article
General Cable Corp Declares Preferred Stock Dividend
General Cable Corp announced that Board of Directors has declared a regular quarterly preferred stock dividend of approximately $0.72 per share. The dividend is payable on February 25, 2013 to preferred stockholders of record as of the close of business on January 31, 2013. Full Article
General Cable Corp Reaffirms FY 2013 Operating Income Guidance; Issues Q1 2013 Guidance
General Cable Corp announced that for fiscal 2013, assuming copper prices remain at relatively stable levels, the Company confirmed its guidance for operating income in the range of $300 to $340 million on 1.4 to 1.5 billion metal pounds sold. The Company's first quarter 2013 revenues are expected to be in the range of $1.55-$1.60 billion assuming year-to-date average metal prices on slightly lower unit volume sequentially. The Company expects adjusted operating income to be in the range of $40 to $50 million and adjusted earnings per share (EPS) to be in the range of $0.22-$0.32 per share before the impact of non-cash convertible debt interest expense and mark to market gains or losses on derivative instruments. Also, excluded from the first quarter outlook is the impact of the recent Venezuelan currency devaluation, which is expected to result in a non-recurring charge in the range of $42 million or $0.82 per share principally due to the remeasurement of the Company's local balance sheet on the date of the devaluation. Full Article
General Cable Corp Completes Acquisition Of Alcan Cable China
General Cable Corp announced that it has completed the acquisition of Alcan Cable China. Alcan Cable China represents approximately 10% to 15% of overall revenues of Alcan Cable. Full Article
General Cable Corp Issues Q4 2012 Guidance Above Analysts' Estimates
General Cable Corp announced that for fourth quarter of 2012, it expects revenues to be in the range of $1.62-$1.67 billion, adjusted operating income to be in the range of $55-$65 million and adjusted earnings per share to be in the range of $0.40-$0.50 per share. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $1.56 billion and EPS of $0.61 for fourth quarter of 2012. Full Article
General Cable Corp Announces Closing Of $600 Million Of Senior Notes Offering
General Cable Corp announced that it closed its previously announced private offering of $600 million in aggregate principal amount of senior notes due 2022 (the Notes) in an offering exempt from registration under the Securities Act of 1933, as amended (the Securities Act). The Notes were offered only to qualified institutional buyers in reliance upon Rule 144A under the Securities Act and non-U.S. persons outside of the United States in reliance upon Regulation S under the Securities Act. The Company intends to use the proceeds of the offering to refinance its 7.125% senior notes due 2017 (the 2017 Notes) through a redemption and its 0.875% senior convertible notes due 2013 (2013 Notes) through a possible tender offer, purchases or payment at maturity and for other general corporate purposes. Full Article
General Cable Corp Announces Pricing of $600 Million of Senior Notes
General Cable Corp announced the pricing of $600 million in aggregate principal amount of senior notes due 2022 (the Notes) in an offering exempt from registration under the Securities Act of 1933, as amended (the Securities Act). Interest on the Notes is payable in cash on a semi-annual basis and will accrue at a rate of 5.75% per annum. The Notes will be general unsecured obligations of the Company and will be guaranteed on an unsecured senior basis by each of our existing and future U.S. and Canadian subsidiaries that is a borrower or a guarantor under our senior credit facility. The Notes will be offered only to qualified institutional buyers in reliance upon Rule 144A under the Securities Act and non-U.S. persons outside of the United States in reliance upon Regulation S under the Securities Act. The Company intends to use the proceeds of the offering to refinance its 7.125% senior notes due 2017 (the 2017 Notes) through a redemption and its 0.875% senior convertible notes due 2013 (2013 Notes) through a possible tender offer, purchases or payment at maturity and for other general corporate purposes. Full Article
General Cable Corp Announces $550 Million Private Offering Of 10-Year Senior Notes
General Cable Corp announced that it intends to offer $550 million aggregate principal amount of senior notes due 2022 in an offering exempt from registration under the Securities Act of 1933, as amended. The Notes will be offered only to qualified institutional buyers in reliance upon Rule 144A under the Securities Act and non-U.S. persons outside of the United States in reliance upon Regulation S under the Securities Act. The Company intends to use the proceeds of the offering to refinance 7.125% senior notes due 2017 through a redemption and 0.875% senior convertible notes due 2013 through a possible tender offer, purchases or payment at maturity and for other general corporate purposes. In connection with the offering of the Notes, the Company will agree. Full Article
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