General Cable posts first-quarter loss

May 01, 2013 | 04:46 PM |

Tags  General Cable, Gregory B. Kenny, earnings, first quarter, 2013, downstream products, electrical transmission, construction North America

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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