General Cable Corp. (NYSE: BGC), Highland Heights, KY, reported sales for the first quarter were $1.1 billion, an increase of 5.4 percent from a year ago. On a metal-adjusted basis, sales declined 19.3 percent. The diversified industrial company recorded a loss of $7.8 million, compared to a year-ago loss of $27.2 million.
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\”I believe we are nearing the cyclical trough in North America and ROW,\” said Gregory B. Kenny, president and CEO. \”Some positive signals in the United States continue to develop. GDP is entering its fourth quarter of expansion, electricity usage appears to have stabilized and is expected to move higher, housing starts have stabilized and moved up from their lows, and industrial factory utilization rates have been increasing.\”
The company’s early cycle products, specifically cables for MRO, OEM and networking applications in North America experienced a first quarter volume improvement of 4.9 percent compared to the prior year as measured by metal pounds sold. Sequentially, volumes in these businesses were up 8.4 percent compared to the fourth quarter 2009.
General Cable Corp. manufactures and distributes copper, aluminum and fiber optic wire and cable products for the energy, industrial, and communications markets.
