General Cable Corp. (NYSE: BGC), Highland Heights, KY, reported sales for the second quarter of $1.6 billion, an increase of 7 percent compared to the same period in 2012. Profit decreased 44.5 percent to $12.1 million.
In North America, volume increased 10 percent in the second quarter of 2013 compared to the first quarter. Demand for electrical infrastructure and specialty cables was stable as compared to the first quarter while utility cable demand rose seasonally.
In ROW, volume increased 13 percent compared to the first quarter of 2013. In Venezuela, the political and economic uncertainty as well as the extended statutory leave requirements that hampered activity throughout the country in the early part of the year subsided as construction and electrical infrastructure investment accelerated during the second quarter. In Brazil, unit volume improved as the next phase of aerial transmission projects began to ship in the latter part of the quarter as did products from the company’s start-up specialty cable business.
In Europe and Mediterranean, volume increased 8 percent compared to the first quarter of 2013 principally due the seasonal improvement in the company’s submarine turnkey project business. The company made meaningful progress on its submarine turnkey project backlog as installation activity increased and production advanced on other projects. Putting aside volume attributable to the company’s submarine turnkey project business, unit volume improved 2 percent as compared to the first quarter driven principally by seasonal demand in France and higher unit volume in Spain driven by stronger exports.
For the first six months, sales for General Cable were $3.2 billion, an increase of 10.3 percent year-over-year. Net loss was $34.4 million, compared to a year-ago profit of $46.7 million.
