General Cable Corp. (NYSE: BGC), Highland Heights, KY, reported sales for the fourth quarter ended Dec. 31 were $1.13 billion, down 24.5% compared to fourth quarter 2008. Core sales decreased 29.6%. The manufacturer and distributor of copper, aluminum and fiber optic wire and cable products recorded a quarterly net loss of $9.3 million, compared to profit of $10.6 million the prior year.
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For full year 2009, sales were $4.39 billion, down 29.6% from 2008. Profit declined 42.6% to $108.4 million.
\”All of our markets remain intensely competitive. In addition, metal prices escalated quickly in December and January, further squeezing margins as we try to recover these higher costs in the market,\” said Gregory P. Kenny, president and CEO. \”As we exited the fourth quarter, several of our earlier cycle product lines in the United States were beginning to experience some demand stabilization but still well below 2006 and 2007 peak levels. However, this is likely to be more than offset by a lack of investment and weak pricing for electric utility products.\”