General Cable Corp. (NYSE: BGC), Highland Heights, KY, reported sales for the third quarter of $1.5 billion, up 25 percent over the same period a year ago. On a metal-adjusted basis, sales were up 14 percent. Profit was $3.6 million, compared to $18.1 million for the prior-year period.
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Volume based on metal pounds sold increased 6 percent in the third quarter of 2011 compared to 2010 partly as a result of increased aluminum based product shipments for metal intensive, aerial transmission projects in Brazil.
Sequentially, volume in the third quarter increased 2 percent as metal pounds sold in the companys Rest of World segment increased 15 percent, more than offsetting typical seasonal declines in North America and Europe and Mediterranean.
\”Our third quarter results reflect continuing weak conditions in Europe and the impact of significant currency volatility and rapid commodity deflation in the latter portion of the quarter,\” said Gregory B. Kenny, president and CEO.
For the first nine months of 2011, sales were $4.5 billion, up 29 percent over the first nine months of 2010. Profit was $79.3 million, compared to $34.1 million a year ago.
General Cable Corp. is a manufacturer and distributor of copper, aluminum and fiber optic wire and cable products and systems for the energy, industrial and communications markets.
