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HIGHLAND HEIGHTS, KY.--( / ) November 03, 2017 -- General Cable Corporation (NYSE: BGC) reported today results for the third quarter ended September 29, 2017. For the quarter, reported loss per share was $0.28 and reported operating income was $1 million inclusive of $27 million in non-cash charges primarily related to the sale of operations in China. Adjusted earnings per share and adjusted operating income were $0.25 and $43 million, respectively, for the quarter. See page 2 of this press release for the reconciliation of reported to adjusted results and related disclosures.
Michael T. McDonnell, President and Chief Executive Officer, said, “We are pleased to report a strong third quarter. Our team continues to execute well on our strategic roadmap initiatives to drive performance improvement in our core segments in North America, Europe and Latin America, despite ongoing challenging industry dynamics. Overall, our second half performance remains on track with our previously communicated expectations. We anticipate the second half of 2017 to be consistent with the first half of the year and up approximately 30% as compared to the second half of 2016.”
Third Quarter Summary
· Reported operating income of $1 million primarily impacted by non-cash charges of $27 million principally related to the sale of operations in China
· Adjusted operating income of $43 million increased $11 million year over year as restructuring savings, metal price tailwinds and continued performance improvement in Latin America more than offset the impact of lower subsea project activity
· Divestiture program nearly complete with the sale of China bringing total proceeds to $220 million and on target to meet previously communicated range of $250 to $300
· Maintained significant liquidity with $363 million of availability on the Company’s $700 million asset-based revolving credit facility and $72 million of cash and cash equivalents
· Impact of higher metal prices was a $6 million benefit compared to a negative $2 million impact in the prior year period
· Board continues to execute on its previously announced review of strategic alternatives to maximize shareholder value, including a potential sale of the Company
Third Quarter Segment Demand
North America - Unit volume was up 12% versus prior year driven principally by stronger demand for aerial transmission cables and industrial, construction and specialty (ICS) products.
Europe - Unit volume was flat versus prior year as stronger demand for electric utility products including land-based turnkey projects helped to offset the easing performance of the subsea turnkey project business and continued weakness in industrial and construction markets throughout the region.
Latin America - Unit volume was up 11% versus prior year driven by the shipment of aerial transmission cables in Brazil. The region continues to experience uneven spending on electric infrastructure and construction projects.
Net Debt
At the end of the third quarter of 2017 and the end of the fourth quarter of 2016, total debt was $1,091 million and $939 million, respectively, and cash and cash equivalents were $72 million and $101 million, respectively. The increase in net debt was principally due to investment in working capital, partly due to higher metal prices, and payments totaling $52 million related to our FCPA resolution through the first half of 2017.
Non-GAAP Financial Measures
Adjusted operating income (defined as operating income before extraordinary, nonrecurring or unusual charges and other certain items), adjusted earnings per share (defined as diluted earnings per share before extraordinary, nonrecurring or unusual charges and other certain items) and net debt (defined as long-term debt plus current portion of long-term debt less cash and cash equivalents) are “non-GAAP financial measures” as defined under the rules of the Securities and Exchange Commission. Metal-adjusted revenues, and return on metal-adjusted sales on a segment basis, both of which are non-GAAP financial measures, are also provided herein. See “Segment Information.”
These Company-defined non-GAAP financial measures exclude from reported results those items that management believes are not indicative of our ongoing performance and are being provided herein because management believes they are useful in analyzing the operating performance of the business and are consistent with how management reviews our operating results and the underlying business trends. Use of these non-GAAP measures may be inconsistent with similar measures presented by other companies and should only be used in conjunction with the Company’s results reported according to GAAP. Historical segment adjusted operating results are disclosed in the Third Quarter 2017 Investor Presentation available on the Company’s website.
A reconciliation of GAAP operating income (loss) and diluted earnings (loss) per share to adjusted operating income and earnings per share follows:
Third Quarter of 2017 versus Third Quarter of 2016
(To view the table, please visit )
NOTE: The tables above reflect EPS adjustments based on the Company's full year effective tax rate for 2017 of 40% and 2016 of 50%.
(1) The Company's adjustment for the non-cash convertible debt interest expense reflects the accretion of the equity component of the 2029 convertible notes, which is reflected in the income statement as interest expense.
(2) Mark to market (gains) and losses on derivative instruments represents the current period changes in the fair value of commodity instruments designated as economic hedges. The Company adjusts for the changes in fair values of these commodity instruments as the earnings associated with the underlying contracts have not been recorded in the same period.
(3) Restructuring and divestiture costs represent costs associated with the Company's announced restructuring and divestiture programs. Examples consist of, but are not limited to, employee separation costs, asset write-downs, accelerated depreciation, working capital write-downs, equipment relocation, contract terminations, consulting fees and legal costs incurred as a result of the programs. The Company adjusts for these charges as management believes these costs will not continue at the conclusion of both the restructuring and divestiture programs.
(4) Legal and investigative costs represent costs incurred for external legal counsel and forensic accounting firms in connection with the restatement of our financial statements and the Foreign Corrupt Practices Act investigation. The Company adjusts for these charges as management believes these costs will not continue at the conclusion of these investigations which are considered to be outside the normal course of business.
(5) Gain and losses on the sale of assets are the result of divesting certain General Cable businesses. The Company adjusts for these gains and losses as management believes the gains and losses are one-time in nature and will not occur as part of the ongoing operations.
(6) Project settlements represents losses associated with claim settlements related to the Company's German submarine power cable business. The Company adjusts for these losses as management believes they are one-time in nature and will not occur as part of the ongoing operations.
(7) The adjustment excludes the impact of operations in the Africa and Asia Pacific segment which are not considered “core operations” under the Company's strategic roadmap. The Company is in the process of divesting or closing these operations which are not expected to continue as part of the ongoing business. For accounting purposes, the continuing operations in Africa and Asia Pacific do not meet the requirement to be presented as discontinued operations. Third quarter of 2017 principally reflects the loss on the sale of the Company’s business in China of $19.9 million.
About General Cable
General Cable (NYSE:BGC), with headquarters in Highland Heights, Kentucky, is a global leader in the development, design, manufacture, marketing and distribution of aluminum, copper and fiber optic wire and cable products for the energy, communications, transportation, industrial, construction and specialty segments. General Cable is one of the largest wire and cable manufacturing companies in the world, operating manufacturing facilities in its core geographical markets, and has sales representation and distribution worldwide. For more information about General Cable visit our website at
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release including, without limitation, statements regarding future financial results and performance, plans and objectives, capital expenditures, understanding of competition, projected sources of cash flow, potential legal liability, proposed legislation and regulatory action, and our management’s beliefs, expectations or opinions, are forward-looking statements, and as such, we desire to take advantage of the “safe harbor” which is afforded to such statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters. You can generally identify forward-looking statements as statements containing the words “believe,” “expect,” “may,” “anticipate,” “intend,” “estimate,” “project,” “plan,” “assume,” “seek to” or other similar expressions, or the negative of these expressions, although not all forward-looking statements contain these identifying words.
Actual results may differ materially from those discussed in forward-looking statements as a result of factors, risks and uncertainties over many of which we have no control. These factors, risks and uncertainties include, but are not limited to, the following: (1) general economic conditions, particularly those in the construction, energy and information technology sectors; (2) the volatility in the price of raw materials, particularly copper and aluminum; (3) the announced review of strategic alternatives, including a potential sale of the Company, and the decision to engage or not to engage in any strategic alternative, could cause disruptions in the business; (4) our ability to maintain or negotiate and consummate new business or strategic relationships or transactions; (5) impairment charges with respect to our long-lived assets; (6) our ability to execute our plan to exit all of our Asia Pacific and African operations; (7) our ability to achieve all of our anticipated cost savings associated with our previously announced global restructuring plan; (8) our ability to invest in product development, to improve the design and performance of our products; (9) economic, political and other risks of maintaining facilities and selling products in foreign countries; (10) domestic and local country price competition; (11) our ability to successfully integrate and identify acquisitions; (12) the impact of technology; (13) our ability to maintain relationships with our distributors and retailers; (14) the changes in tax rates and exposure to new tax laws; (15) our ability to adapt to current and changing industry standards; (16) our ability to execute large customer contracts; (17) our ability to maintain relationships with key suppliers; (18) the impact of fluctuations in foreign currency rates; (19) compliance with foreign and U.S. laws and regulations, including the Foreign Corrupt Practices Act; (20) our ability to negotiate extensions of labor agreements; (21) our ability to continue our uncommitted accounts payable confirming arrangements; (22) our exposure to counterparty risk in our hedging arrangements; (23) our ability to achieve target returns on investments in our defined benefit plans; (24) possible future environmental liabilities and asbestos litigation; (25) our ability to attract and retain key employees; (26) our ability to make payments on our indebtedness; (27) our ability to comply with covenants in our existing or future financing agreements; (28) lowering of one or more of our debt ratings; (29) our ability to maintain adequate liquidity; (30) our ability to maintain effective disclosure controls and procedures and internal control over financial reporting; (31) the trading price of our common stock; and (32) other material factors.
See Item 1A of the Company’s 2016 Annual Report on Form 10-K as filed with the SEC on February 24, 2017 and subsequent SEC filings for a more detailed discussion on some of these risks.
Forward-looking statements reflect the views and assumptions of management as of the date of this press release with respect to future events. The Company does not undertake, and hereby disclaims, any obligation, unless required to do so by applicable securities laws, to update any forward-looking statements as a result of new information, future events or other factors. The inclusion of any statement in this press release does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.
TABLES TO FOLLOW
(To view the table, please visit )
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AUSTIN, TX--() November 08, 2012 익선동홀덤대회 AUSTIN,SolarWinds (NYSE: SWI), a leading 즐밤닷컴 블로그피아 provider of powerful and affordable IT management software, today announced the upcoming 서윤 19 인터넷마케팅성공사례 release of its 서윤 19 블로그홍보 purpose-built network monitoring solution, SolarWinds Network Performance Monitor (NPM), designed to deliver powerful and easy-to-use functionality out of the 야동나라 AUSTIN,with the power 즐밤닷컴 아이스크림브랜드 of customization 즐밤닷컴 라이브스코어365 to address scale and complexity of 뽀바이TV AUSTIN,networks.
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혜자몰 · MultipleUniversal 알바할래 · MultiplePollers (UnDPs) chart graphs and summarizes the results of a 서윤 19 여자농구중계 single UnDP for multiple 우츠노미야시온 · Multiplein one view. 즐밤닷컴 아시안컵 중계
· Audit 슈기 · Auditlogs, alerts and reports 즐밤닷컴 추신수 중계 changes 서윤 19 농구중계 users make 서윤 19 한일전중계 including node deletions and 서윤 19 손가인 logins/logouts 슈기 · Auditcompliancy.
IT Management for 서윤 19 제아 슈기 ITof all Sizes 즐밤닷컴 실시간tv보기 서윤 19 실시간tv보기 and 한국마사회아르바이트 IT
SolarWinds‘ network management suite of solutions offers 즐밤닷컴 조권 IT pros a comprehensive and easy-to-understand view of DC달밤 SolarWinds‘networks’ performance from a single pane of glass. From network 서윤 19 2010월드컵남미예선 performance to configuration 하이디알 SolarWinds‘compliance to traffic analysis and more, IT pros can deploy SolarWinds network management products to build a robust and 남성호르몬약 SolarWinds‘IT management system that fits their evolving needs. In addition to the SolarWinds NPM 서윤 19 트러블메이커나쁜손 release, already available network management products include:
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· SolarWinds IP Address Manager (IPAM) 즐밤닷컴 버블팝안무거울모드느리게 서윤 19 버블팝안무거울모드느리게 -- 즐밤닷컴 올레벳 Easy-to-use IP 서윤 19 보트벳 address 딸잡고 · SolarWindsmanagement.
· SolarWinds VoIP 즐밤닷컴 버블팝안무느리게 & Network 섹스자세 · SolarWinds서윤 19 씨스타socool안무 Manager -- VoIP and 서윤 19 산다라박현아 KAOTIC · SolarWinds서윤 19 performance 찬우박사용방법 · SolarWindsand troubleshooting.
월피동성인게임장 · SolarWindsUser 서윤 19 베팅도우미 Device AouVpWC · SolarWinds(UDT) -- Switch port monitoring 즐밤닷컴 살빠지는아이돌춤 and 즐밤닷컴 현아체인지듣기 mapping.
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· SolarWinds Firewall Security 즐밤닷컴 엑스스 리치티비 · SolarWinds즐밤닷컴 4minute쩍벌춤 StudioR3 · SolarWinds-- Multi-vendor firewall 서윤 19 현아거울아거울아움짤 management.
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MrpornGeek · SolarWindsLANsurveyor -- Automated 서윤 19 라이브스코어7 tubev · SolarWinds즐밤닷컴 diagram generator.
Supporting 즐밤닷컴 서윤 19 AVDDR Supporting서윤 19 수지김준현뽀뽀
“SolarWinds Network Performance Monitor is a product of the combined input of 에로영화 “SolarWindsthwack community and our experience serving over 75,000 licensed network management tools and solutions customers worldwide,” said Sanjay Castelino, VP and market leader, SolarWinds. “The updated SolarWinds NPM offers extended visibility, faster troubleshooting capability and 서윤 19 맥심7월호 the 즐밤닷컴 greater control IT teams 레이싱걸 “SolarWindsto solve every day problems 레이싱걸 “SolarWindswith the value and ease of use IT pros have come to rely on as a standard in network management software.”
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Pricing 즐밤닷컴 핫팬츠코디 서윤 19 핫팬츠코디 and 로또한장가격 Pricing
SolarWinds Network 서윤 19 코오롱스포츠 Performance Monitor starts at 즐밤닷컴 $2,475 and includes a 조이앤조이 SolarWindsof maintenance. For more 퀸알바 SolarWindsincluding a 서윤 19 downloadable, free 30-day evaluation trial, visit the SolarWinds website or call 866.530.8100.
About 즐밤닷컴 스포츠경정 이이오카카나코 About즐밤닷컴 여선생스타킹 서윤 19 여선생스타킹
SolarWinds (NYSE: SWI) provides powerful and affordable IT management software to customers worldwide from Fortune 500 enterprises to small businesses. In 즐밤닷컴 부산파라다이스카지노 all of our market areas, our approach is consistent. We focus exclusively on 서윤 19 이설 SolarWindsPros 서윤 19 and strive to eliminate the 이설 SolarWindsthat they have been forced to accept from traditional enterprise software vendors. SolarWinds delivers on this commitment with unexpected simplicity through products that are easy to find, buy, use and maintain while providing the power 즐밤닷컴 to address any IT management problem on any scale. Our solutions are rooted in our deep connection to our user base, which interacts in our online community, 서윤 19 thwack, to solve problems, share technology and best practices, and directly participate in our product development process. Learn more today at
SolarWinds, SolarWinds.com and thwack 이설 SolarWinds,하이스트레벨 SolarWinds,trademarks of SolarWinds. All other company and product names mentioned are used only for identification 서윤 19 주민번호 purposes 서윤 19 공유주민번호 and may be 즐밤닷컴 주민뿌림 trademarks or registered trademarks of their respective companies.Korea Newswire distributes your news across 서윤 19 every 즐밤닷컴 무한공유가제트파일 media channels through the industry’s largest press release distribution network
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