General Cable posts first-quarter loss
May 01, 2013 | 04:46 PM
CHICAGO General Cable Corp. swung to a first-quarter loss as lower spot prices for copper and aluminum as well as weakness in European and Latin American markets hurt results.
The second quarter is expected to face a significant copper headwind as well, with results forecast to be hampered by selling high-cost inventory into a lower metal price environment, the Highland Heights, Ky.-based diversified industrial firm said in commentary released with earnings data April 30.
But General Cable remains optimistic about its longer-term growth prospects, ticking off future sources of demand, such as the 2014 World Cup and 2016 Summer Olympics in Brazil. ....
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