General Cable sales down 25 percent
General Cable Corp., Highland Heights, Ky., reported third-quarter sales of $1,081.8 million, a decrease of $362.6 million, or 25.1%, compared to the third quarter of 2008 on a metal-adjusted basis. Volume based on metal pounds sold, without the impact of incremental volume from acquired businesses, decreased 20.5% in the third quarter of 2009 compared to 2008, and was down 7.3% compared to the second quarter of 2009. Operating income was down 59.3%.
“As we look forward, we expect the developing economies we serve to perform relatively better than the developed economies of the world. Business conditions in Latin America, Africa and Southeast Asia are being buoyed by commodities, mining and infrastructure investment, aided by somewhat better credit markets,” said Greg Kenny, CEO. “In the U.S., we expect continuing declines in non-residential construction spending as well as a residential construction market that will recover slowly.”
Kenny continues, “Finally, with industrial companies in the United States using less electricity for the last two years, we do not expect electric utility spending on the distribution network to increase next year in any meaningful way. However, we do expect the U.S. transmission and wind farm segments to begin to improve as the Stimulus Bill begins to gain traction over the next year.”
