General Cable (BGC) Misses Q2 EPS by 1c; Issues Mixed Q3 Outlook

General Cable (NYSE: BGC) reported Q2 EPS of $0.30, $0.01 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $990 million versus the consensus estimate of $991.77 million.

Michael T. McDonnell, President and Chief Executive Officer, said, “Our solid financial performance in the quarter, generated in spite of a relatively weak and choppy demand environment, reflects the results of our focused execution and the significant operational improvements that we have made in the Company. Adjusted operating income from continuing operations was at the top of the guidance range, excluding the unfavorable metal price impact in the quarter relative to guidance assumptions. We also continued to simplify and focus our portfolio with the sale of three businesses and applied the proceeds toward reducing our outstanding borrowings.”

GUIDANCE:

General Cable sees Q3 2016 EPS of $0.10-$0.30, versus the consensus of $0.35. General Cable sees Q3 2016 revenue of $900-950 million, versus the consensus of $950.2 million.

For earnings history and earnings-related data on General Cable (BGC) click here.

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