General Cable Corp. (NYSE: BGC), Highland Heights, KY, reported sales for the third quarter of $1.6 billion, an increase of 6.7 percent compared to the same period a year ago. Profit was $15.6 million, compared to a year-ago profit of $31.4 million.
“Overall, pricing pressure and uneven global demand patterns in key end markets persist. In North America, we expected more of a pull through on existing orders for aerial transmission projects in the third quarter, which have shifted into the fourth quarter and the early part of next year," Gregory B. Kenny, president and CEO, said.
"Also, while we experienced stable demand for aluminum-based construction products and rod and strip in the third quarter, the anticipated incremental volume failed to materialize. Similarly, seasonal demand driven by electricity grid reinforcement and maintenance spending by electric utilities was also below expectations. On the other hand, we are encouraged by the relative stability experienced in parts of our business including Europe and ROW, specifically Asia Pacific," Kenny said.
