The 2020 Mid-Year Economic Update_long

General Cable Sales Up 6% in 4Q

North American demand for wire and cable slowed while demand for aerial transmission products increased.

General Cable Corp. (NYSE: BGC), Highland Heights, KY, reported sales for the fourth quarter of $1.6 billion, an increase of 6 percent from the prior-year period. The company reported a net loss of $17.1 million.

For the full year, sales were $6 billion, up 2.5 percent over sales in 2011. Profit was $3.7 million, compared to a year-ago profit of $65.7 million.

In North America, sales were $687.4 million. Seasonal demand patterns in the company’s utility businesses coupled with slower industrial and data product shipments broadly reduced demand for wire and cable products during the fourth quarter compared to the third quarter of 2012. Demand for electrical infrastructure products, particularly specialty cables tied to natural resource extraction, marine and transit applications, remains relatively stable year-over-year. Unit volume for metal-intensive aerial transmission products reached an all-time quarterly high.

In ROW, sales were $514.2 million. Demand in Asia Pacific was more than offset by traditional seasonal declines and normalized order rates in Central and South America following the strong demand experienced in the third quarter, particularly in Venezuela and Brazil. Copper and aluminum rod shipments also declined in the fourth quarter.

In Europe and Mediterranean, sales were $401.5 million. Stronger electric utility product shipments in France and the Mediterranean coupled with the supply of specialty cables including offshore oil and gas products more than offset the ongoing weakness in the domestic markets in Spain.

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