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General Cable Corp. (NYSE: BGC), Highland Heights, KY, reported third-quarter sales were $1.2 billion, an increase of 11.1 percent over third quarter 2009. On a metal-adjusted basis, sales were up 1.2 percent. Profit for the diversified industrial company fell 58.5 percent to $18.1 million.
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"Volume as measured by metal pounds sold exceeded our expectations in the third quarter of 2010 primarily due to demand in the emerging markets," said Gregory B. Kenny, president and CEO. "However, we remain cautious as economic data continues to be mixed, demand remains near historically low levels in many of our end-markets, value added pricing continues to be challenged and the sustainability of certain demand patterns beyond year end remain uncertain, particularly in developed markets."
In North America, volume as measured in metal pounds sold increased 11.6 percent in the third quarter of 2010 compared to the third quarter of 2009 and was up 8.5 percent sequentially when compared to the second quarter of 2010. The company's early cycle products, specifically cables for maintenance, repair and overhaul (MRO), original equipment manufacturers (OEM) and networking applications experienced a third quarter volume improvement of 11.7 percent.
In Europe, volume as measured in metal pounds sold decreased 3.2% in the third quarter of 2010 compared to the third quarter of 2009 and was down 5.6% sequentially in the third quarter of 2010 compared to the second quarter of 2010.
Year-to-date, sales were $3.5 million, an increase of 6.1 percent over the same period a year ago. Profit fell 28.5 percent to $34.1 million.