The 2020 Mid-Year Economic Update_long

General Cable Corp. Sales Improve 6.9% in Fourth Quarter

Strong transmission cable demand offset normal seasonal declines for the diversified industrial company.

Diversified industrial company General Cable Corp. (NYSE: BGC), Highland Heights, KY, reported fourth quarter 2010 sales were $1.36 billion, an increase of 6.9 percent compared to fourth quarter 2009 on a metal-adjusted basis. Excluding the impact of foreign exchange, metal-adjusted sales increased 10.5 percent. Profit was $35 million, compared to $8.5 million a year ago.

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For the full year, sales were $4.86 billion, up 10.7 percent over sales in 2009. Profit increased 22.9 percent to $69.2 million.

\”Very strong transmission cable demand in the United States and Brazil as well as a growing business in Mexico offset normal seasonal volume declines in other product areas in North America and ROW,\” said Gregory B. Kenny, president and CEO. \”While the benefit of a stronger fourth quarter in our transmission and project related businesses is welcome, our end markets and overall demand have only started to improve in many locations. As a result, we continue to believe that capacity utilization rates and value-added pricing, while improving, have a long way to go.\”

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