General Cable Posts Narrower Than Estimated Q1 Loss; Guides Q2 Below Consensus

(RTTNews) - General Cable Corp. (BGC) reported a net loss for the first quarter of $315.4 million or $6.42 per share, compared to a net loss of $45.8 million or $0.92 per share for the year-ago quarter.

Excluding goodwill/intangible asset impairment and other items, adjusted loss per share for the first quarter was $0.05 per share, compared to earnings of $0.23 per share in the prior year quarter.

Net sales for the first quarter fell to $1.43 billion from $1.54 billion a year ago.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.09 per share on revenue of $1.52 billion for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts revenue of $1.575 to $1.625 billion, earnings of $0.19 to $0.39 per share and adjusted earnings of $0.20 to $0.40 per share. Analysts currently expect the company to earn $0.51 per share on revenue of $1.65 billion for the second quarter.