HIGHLAND HEIGHTS, Ky. -Friday, August 4th
2017 [ AETOS Wire ]
(BUSINESS WIRE)--
General Cable Corporation (NYSE: BGC) reported today results for the second quarter ended June
30, 2017. For the quarter, reported loss per share and reported operating loss
were $1.42 and $23 million, respectively. The Company generated adjusted
earnings per share and adjusted operating income of $0.11 and $32 million,
respectively, for the quarter. See page 2 of this press release for the
reconciliation of reported to adjusted results and related disclosures.
Michael
T. McDonnell, President and Chief Executive Officer, said, “We are pleased with
our continued strong execution. During the second quarter, we drove our
strategic initiatives toward completion in North America and generated
continued performance improvement in Latin America. As a result, we were within
our guidance range for adjusted operating income as the positive impact of
these items partially offset unfavorable industry dynamics experienced during
the quarter. While we expect these dynamics to continue, we anticipate our
performance over the second half of 2017 to be consistent with the first half
of the year and up more than 30% as compared to the second half of 2016. We
anticipate the momentum from our restructuring initiatives in North America and
Latin America and project activity in our European land and subsea turn-key
businesses to accelerate through the end of the year. Our entire team remains
focused on operational excellence, outstanding customer service and execution
of our strategic roadmap.”
Second Quarter Summary
·
Board of Directors initiated review of strategic alternatives to
maximize shareholder value, including a potential sale of the Company
·
Reported operating loss of $23 million due to a non-cash charge
of $36 million related to the sale of the Company’s investment in Algeria in
the second quarter of 2017, compared to a gain of $53 million on the sale of
the Company’s North American automotive ignition wire business in the second
quarter of 2016
·
Adjusted operating income of $32 million declined by $17 million
period over period as restructuring savings and the continued performance
improvement in Latin America were more than offset by the impact of lower
subsea project activity and industry dynamics including pricing pressure in
certain end markets in North America and Europe
·
Maintained significant liquidity with $378 million of
availability on the Company’s $700 million asset-based revolving credit
facility; completed the amendment of its asset-based revolving credit facility
extending maturity date to 2022
·
Impact of metal prices was a $2 million benefit compared to a
negative $3 million impact in the prior year period
Second Quarter Segment Demand
North
America – Unit volume was up 7% versus prior year driven principally by
stronger demand for aerial transmission cables and industrial, construction and
specialty (ICS) products.
Europe
– Unit volume was down 7% versus prior year as stronger demand for electric
utility products including land-based turnkey projects was more than offset by
the easing performance of the subsea turnkey project business and continued
weak demand for industrial and construction projects throughout the region.
Latin
America – Unit volume was down 18% versus prior year driven by the impact of
restructuring initiatives and uneven spending on electric infrastructure and
construction projects throughout the region. The shipment of aerial transmission
cables in Brazil was up 8% year over year.
Net Debt
At
the end of the second quarter of 2017 and the end of the fourth quarter of
2016, total debt was $1,083 million and $939 million, respectively, and cash
and cash equivalents were $97 million and $101 million, respectively. The
increase in net debt was principally due to investment in working capital,
partly due to higher metal prices, and payments totaling $52 million related to
our FCPA resolution through the first half of 2017.
Other Matters
As
a result of the Board of Directors’ review of strategic alternatives, the
Company has suspended its practice of issuing quarterly guidance and will not
hold an earnings conference call for the second quarter of 2017. The second
quarter of 2017 Investor Presentation is available on the Investor Relations
page on our website at www.generalcable.com.
Non-GAAP Financial Measures
Adjusted
operating income (defined as operating income before extraordinary,
nonrecurring or unusual charges and other certain items), adjusted earnings per
share (defined as diluted earnings per share before extraordinary, nonrecurring
or unusual charges and other certain items) and net debt (defined as long-term
debt plus current portion of long-term debt less cash and cash equivalents) are
“non-GAAP financial measures” as defined under the rules of the Securities and
Exchange Commission. Metal-adjusted revenues, and return on metal-adjusted
sales on a segment basis, both of which are non-GAAP financial measures, are
also provided herein. See “Segment Information.”
These
Company-defined non-GAAP financial measures exclude from reported results those
items that management believes are not indicative of our ongoing performance
and are being provided herein because management believes they are useful in
analyzing the operating performance of the business and are consistent with how
management reviews our operating results and the underlying business trends.
Use of these non-GAAP measures may be inconsistent with similar measures
presented by other companies and should only be used in conjunction with the
Company’s results reported according to GAAP. Historical segment adjusted
operating results are disclosed in the Second Quarter 2017 Investor
Presentation available on the Company’s website.
A
reconciliation of GAAP operating income (loss) and diluted earnings (loss) per
share to adjusted operating income and earnings per share follows:
|
Second Quarter of 2017 versus
Second Quarter of 2016
|
|
|
||||||||||||||
|
|
|
Second Quarter
|
||||||||||||||
|
|
|
2017
|
|
2016
|
||||||||||||
|
In millions, except per share
amounts
|
|
Operating
Income
|
|
EPS
|
|
Operating
Income |
|
EPS
|
||||||||
|
Reported
|
|
$
|
(22.8
|
)
|
|
$
|
(1.42
|
)
|
|
$
|
53.3
|
|
|
$
|
0.57
|
|
|
Adjustments to reconcile operating
Income/EPS
|
|
|
|
|
|
|
|
|
||||||||
|
Non-cash convertible debt interest
expense (1)
|
|
|
-
|
|
|
|
0.01
|
|
|
|
-
|
|
|
|
0.01
|
|
|
Mark to market (gain) loss on
derivative instruments (2)
|
|
|
-
|
|
|
|
0.08
|
|
|
|
-
|
|
|
|
(0.05
|
)
|
|
Restructuring and divestiture
costs (3)
|
|
|
12.2
|
|
|
|
0.21
|
|
|
|
16.7
|
|
|
|
0.25
|
|
|
Legal and investigative
costs (4)
|
|
|
0.3
|
|
|
|
-
|
|
|
|
1.1
|
|
|
|
0.02
|
|
|
(Gain) loss on sale of
assets (5)
|
|
|
-
|
|
|
|
-
|
|
|
|
(46.5
|
)
|
|
|
(0.86
|
)
|
|
Foreign Corrupt Practices Act
(FCPA) (6)
|
|
|
-
|
|
|
|
0.20
|
|
|
|
5.0
|
|
|
|
0.09
|
|
|
Asia Pacific and Africa
(income)/loss (7)
|
|
|
42.5
|
|
|
|
1.03
|
|
|
|
19.4
|
|
|
|
0.27
|
|
|
Total adjustments
|
|
|
55.0
|
|
|
|
1.53
|
|
|
|
(4.3
|
)
|
|
|
(0.27
|
)
|
|
Adjusted
|
|
$
|
32.2
|
|
|
$
|
0.11
|
|
|
$
|
49.0
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: The tables
above reflect EPS adjustments based on the Company's full year effective tax
rate for 2017 of 40% and 2016 of 50%.
|
||
|
(1)
|
|
The Company's adjustment for the
non-cash convertible debt interest expense reflects the accretion of the
equity component of the 2029 convertible notes, which is reflected in the
income statement as interest expense.
|
|
(2)
|
|
Mark to market (gains) and losses
on derivative instruments represents the current period changes in the fair
value of commodity instruments designated as economic hedges. The Company
adjusts for the changes in fair values of these commodity instruments as the
earnings associated with the underlying contracts have not been recorded in
the same period.
|
|
(3)
|
|
Restructuring and divestiture
costs represent costs associated with the Company's announced restructuring
and divestiture programs. Examples consist of, but are not limited to, employee
separation costs, asset write-downs, accelerated depreciation, working
capital write-downs, equipment relocation, contract terminations, consulting
fees and legal costs incurred as a result of the programs. The Company
adjusts for these charges as management believes these costs will not
continue at the conclusion of both the restructuring and divestiture
programs.
|
|
(4)
|
|
Legal and investigative costs
represent costs incurred for external legal counsel and forensic accounting
firms in connection with the restatement of our financial statements and the
Foreign Corrupt Practices Act investigation. The Company adjusts for these
charges as management believes these costs will not continue at the
conclusion of these investigations which are considered to be outside the
normal course of business.
|
|
(5)
|
|
Gain and losses on the sale of
assets are the result of divesting certain General Cable businesses. The
Company adjusts for these gains and losses as management believes the gains
and losses are one-time in nature and will not occur as part of the ongoing
operations.
|
|
(6)
|
|
Foreign Corrupt Practices Act
(FCPA) represents expense recorded in 2016 related to the FCPA settlement of
the SEC and DOJ investigations. The Company adjusts for this activity as
management believes this is a one-time charge and will not occur as part of
ongoing operations. In 2017, the adjustment principally reflects additional
tax expense associated with changes in judgment concerning uncertain tax
positions related to the FCPA settlement stemming from a recent change in
law.
|
|
(7)
|
|
The adjustment excludes the impact
of operations in the Africa and Asia Pacific segment which are not considered
"core operations" under the Company's strategic roadmap. The
Company is in the process of divesting or closing these operations which are
not expected to continue as part of the ongoing business. For accounting
purposes, the continuing operations in Africa and Asia Pacific do not meet
the requirement to be presented as discontinued operations. Second quarter of
2017 principally reflects the non-cash impact for the release of cumulative
foreign currency losses recognized on the sale of the Company’s investment in
Algeria of $36 million and the closure of certain operations in Asia Pacific
of $4 million as well as the non-cash write-off of deferred tax assets of $6
million related to the divesture of certain operations in Asia Pacific. The
second quarter of 2016 principally reflects the impact of non-cash charges
related to the dispositions of Zambia and Egypt principally due to the
release of cumulative foreign currency losses.
|
|
|
|
|
General
Cable Corporation (NYSE:BGC) is a global leader in the development, design,
manufacture, marketing and distribution of copper, aluminum and fiber optic
wire and cable products and systems for the energy, industrial, specialty,
construction and communications markets. Visit our website at www.generalcable.com.
Cautionary Statement Regarding Forward-Looking
Statements
Certain
statements in this press release including, without limitation, statements
regarding future financial results and performance, plans and objectives,
capital expenditures, understanding of competition, projected sources of cash
flow, potential legal liability, proposed legislation and regulatory action,
and our management’s beliefs, expectations or opinions, are forward-looking
statements, and as such, we desire to take advantage of the “safe harbor” which
is afforded to such statements under the Private Securities Litigation Reform
Act of 1995. Forward-looking statements are those that predict or describe
future events or trends and that do not relate solely to historical matters.
You can generally identify forward-looking statements as statements containing
the words “believe,” “expect,” “may,” “anticipate,” “intend,” “estimate,”
“project,” “plan,” “assume,” “seek to” or other similar expressions, or the
negative of these expressions, although not all forward-looking statements
contain these identifying words.
Actual
results may differ materially from those discussed in forward-looking statements
as a result of factors, risks and uncertainties over many of which we have no
control. These factors, risks and uncertainties include, but are not limited
to, the following: (1) general economic conditions, particularly those in
the construction, energy and information technology sectors; (2) the
volatility in the price of raw materials, particularly copper and aluminum;
(3) the announced review of strategic alternatives, including a potential
sale of the Company, and the decision to engage or not to engage in any
strategic alternative, could cause disruptions in the business; (4) our
ability to maintain or negotiate and consummate new business or strategic
relationships or transactions; (5) impairment charges with respect to our
long-lived assets; (6) our ability to execute our plan to exit all of our
Asia Pacific and African operations; (7) our ability to achieve all of our
anticipated cost savings associated with our previously announced global
restructuring plan; (8) our ability to invest in product development, to
improve the design and performance of our products; (9) economic,
political and other risks of maintaining facilities and selling products in
foreign countries; (10) domestic and local country price competition;
(11) our ability to successfully integrate and identify acquisitions;
(12) the impact of technology; (13) our ability to maintain
relationships with our distributors and retailers; (14) the changes in tax
rates and exposure to new tax laws; (15) our ability to adapt to current
and changing industry standards; (16) our ability to execute large
customer contracts; (17) our ability to maintain relationships with key
suppliers; (18) the impact of fluctuations in foreign currency rates;
(19) compliance with foreign and U.S. laws and regulations, including the
Foreign Corrupt Practices Act; (20) our ability to negotiate extensions of
labor agreements; (21) our ability to continue our uncommitted accounts
payable confirming arrangements; (22) our exposure to counterparty risk in our
hedging arrangements; (23) our ability to achieve target returns on
investments in our defined benefit plans; (24) possible future environmental
liabilities and asbestos litigation; (25) our ability to attract and
retain key employees; (26) our ability to make payments on our
indebtedness; (27) our ability to comply with covenants in our existing or
future financing agreements; (28) lowering of one or more of our debt
ratings; (29) our ability to maintain adequate liquidity; (30) our
ability to maintain effective disclosure controls and procedures and internal
control over financial reporting; (31) the trading price of our common
stock; and (32) and other material factors.
See
Item 1A of the Company’s 2016 Annual Report on Form 10-K as filed with the
SEC on February 24, 2017 and subsequent SEC filings for a more detailed
discussion on some of these risks.
Forward-looking
statements reflect the views and assumptions of management as of the date of
this press release with respect to future events. The Company does not undertake,
and hereby disclaims, any obligation, unless required to do so by applicable
securities laws, to update any forward-looking statements as a result of new
information, future events or other factors. The inclusion of any statement in
this press release does not constitute an admission by the Company or any other
person that the events or circumstances described in such statement are
material.
TABLES TO FOLLOW
|
General Cable Corporation and
Subsidiaries
|
||||||||||||||||
|
Consolidated Statements of
Operations
|
||||||||||||||||
|
(in millions, except per share
data)
|
||||||||||||||||
|
(unaudited)
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three Fiscal Months Ended
|
|
Six Fiscal Months Ended
|
||||||||||||
|
|
|
June 30,
|
|
July 1,
|
|
June 30,
|
|
July 1,
|
||||||||
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
Net sales
|
|
$
|
943.1
|
|
|
$
|
1,021.2
|
|
|
$
|
1,861.3
|
|
|
$
|
2,023.9
|
|
|
Cost of sales
|
|
|
842.2
|
|
|
|
902.0
|
|
|
|
1,641.8
|
|
|
|
1,793.8
|
|
|
Gross profit
|
|
|
100.9
|
|
|
|
119.2
|
|
|
|
219.5
|
|
|
|
230.1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Selling, general and
administrative expenses
|
|
|
123.7
|
|
|
|
63.4
|
|
|
|
218.5
|
|
|
|
151.9
|
|
|
Goodwill impairment charges
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1.6
|
|
|
Intangible asset impairment
charges
|
|
|
-
|
|
|
|
2.5
|
|
|
|
-
|
|
|
|
2.8
|
|
|
Operating income (loss)
|
|
|
(22.8
|
)
|
|
|
53.3
|
|
|
|
1.0
|
|
|
|
73.8
|
|
|
Other income (expense)
|
|
|
(7.8
|
)
|
|
|
8.0
|
|
|
|
7.2
|
|
|
|
6.8
|
|
|
Interest income (expense):
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
|
(19.4
|
)
|
|
|
(22.8
|
)
|
|
|
(40.1
|
)
|
|
|
(44.7
|
)
|
|
Interest income
|
|
|
0.5
|
|
|
|
0.5
|
|
|
|
1.1
|
|
|
|
1.0
|
|
|
|
|
|
(18.9
|
)
|
|
|
(22.3
|
)
|
|
|
(39.0
|
)
|
|
|
(43.7
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income (loss) before income taxes
|
|
|
(49.5
|
)
|
|
|
39.0
|
|
|
|
(30.8
|
)
|
|
|
36.9
|
|
|
Income tax (provision) benefit
|
|
|
(19.2
|
)
|
|
|
(11.0
|
)
|
|
|
(25.5
|
)
|
|
|
(13.4
|
)
|
|
Equity in net earnings of
affiliated companies
|
|
|
-
|
|
|
|
0.3
|
|
|
|
-
|
|
|
|
0.4
|
|
|
Net income (loss) including
non-controlling interest
|
|
|
(68.7
|
)
|
|
|
28.3
|
|
|
|
(56.3
|
)
|
|
|
23.9
|
|
|
Less: net income (loss)
attributable to noncontrolling interest
|
|
|
2.1
|
|
|
|
(1.5
|
)
|
|
|
2.1
|
|
|
|
(1.2
|
)
|
|
Net income (loss) attributable to
Company common shareholders
|
|
$
|
(70.8
|
)
|
|
$
|
29.8
|
|
|
$
|
(58.4
|
)
|
|
$
|
25.1
|
|
|
Earnings (loss) per share - Net
income (loss) attributable to Company common shareholders per common share
|
|
|
||||||||||||||
|
Earnings (loss) per common share -
basic
|
|
$
|
(1.42
|
)
|
|
$
|
0.60
|
|
|
$
|
(1.17
|
)
|
|
$
|
0.51
|
|
|
Weighted average common shares -
basic
|
|
|
50.0
|
|
|
|
49.6
|
|
|
|
49.9
|
|
|
|
49.5
|
|
|
Earnings (loss) per
common share - assuming dilution
|
|
$
|
(1.42
|
)
|
|
$
|
0.57
|
|
|
$
|
(1.17
|
)
|
|
$
|
0.48
|
|
|
Weighted average
common shares - assuming dilution
|
|
|
50.0
|
|
|
|
52.1
|
|
|
|
49.9
|
|
|
|
52.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Cable Corporation and
Subsidiaries
|
|||||||||||||||||
|
Consolidated Statements of
Operations
|
|||||||||||||||||
|
Segment Information
|
|||||||||||||||||
|
(in millions)
|
|||||||||||||||||
|
(unaudited)
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three Fiscal Months Ended
|
|
|
Six Fiscal Months Ended
|
||||||||||||
|
|
|
June 30,
|
|
July 1,
|
|
|
June 30,
|
|
July 1,
|
||||||||
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
||||||||
|
Revenues (as reported)
|
|
|
|
|
|
|
|
|
|
||||||||
|
North America
|
|
$
|
560.2
|
|
|
$
|
530.9
|
|
|
|
$
|
1,103.2
|
|
|
$
|
1,069.1
|
|
|
Europe
|
|
|
214.3
|
|
|
|
229.5
|
|
|
|
|
395.3
|
|
|
|
451.4
|
|
|
Latin America
|
|
|
148.0
|
|
|
|
168.2
|
|
|
|
|
305.9
|
|
|
|
323.2
|
|
|
Africa / Asia Pacific
|
|
|
20.6
|
|
|
|
92.6
|
|
|
|
|
56.9
|
|
|
|
180.2
|
|
|
Total
|
|
$
|
943.1
|
|
|
$
|
1,021.2
|
|
|
|
$
|
1,861.3
|
|
|
$
|
2,023.9
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Revenues (metal adjusted) (1)
|
|
|
|
|
|
|
|
|
|
||||||||
|
North America
|
|
$
|
560.2
|
|
|
$
|
569.3
|
|
|
|
$
|
1,103.2
|
|
|
$
|
1,153.5
|
|
|
Europe
|
|
|
214.3
|
|
|
|
241.5
|
|
|
|
|
395.3
|
|
|
|
477.0
|
|
|
Latin America
|
|
|
148.0
|
|
|
|
187.9
|
|
|
|
|
305.9
|
|
|
|
363.8
|
|
|
Africa / Asia Pacific
|
|
|
20.6
|
|
|
|
102.1
|
|
|
|
|
56.9
|
|
|
|
200.3
|
|
|
Total
|
|
$
|
943.1
|
|
|
$
|
1,100.8
|
|
|
|
$
|
1,861.3
|
|
|
$
|
2,194.6
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Metal Pounds Sold
|
|
|
|
|
|
|
|
|
|
||||||||
|
North America
|
|
|
147.2
|
|
|
|
137.3
|
|
|
|
|
288.9
|
|
|
|
279.3
|
|
|
Europe
|
|
|
37.8
|
|
|
|
40.8
|
|
|
|
|
74.6
|
|
|
|
79.0
|
|
|
Latin America
|
|
|
52.6
|
|
|
|
63.9
|
|
|
|
|
108.9
|
|
|
|
119.0
|
|
|
Africa / Asia Pacific
|
|
|
4.7
|
|
|
|
30.1
|
|
|
|
|
13.7
|
|
|
|
55.6
|
|
|
Total
|
|
|
242.3
|
|
|
|
272.1
|
|
|
|
|
486.1
|
|
|
|
532.9
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Income (loss)
|
|
|
|
|
|
|
|
|
|
||||||||
|
North America
|
|
$
|
19.9
|
|
|
$
|
73.8
|
|
|
|
$
|
45.7
|
|
|
$
|
91.5
|
|
|
Europe
|
|
|
(2.5
|
)
|
|
|
(1.5
|
)
|
|
|
|
(6.1
|
)
|
|
|
6.2
|
|
|
Latin America
|
|
|
2.3
|
|
|
|
0.4
|
|
|
|
|
6.9
|
|
|
|
(3.3
|
)
|
|
Africa / Asia Pacific
|
|
|
(42.5
|
)
|
|
|
(19.4
|
)
|
|
|
|
(45.5
|
)
|
|
|
(20.6
|
)
|
|
Total
|
|
$
|
(22.8
|
)
|
|
$
|
53.3
|
|
|
|
$
|
1.0
|
|
|
$
|
73.8
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted Operating Income
(loss) (2)
|
|
|
|
|
|
|
|
|
|
||||||||
|
North America
|
|
$
|
31.4
|
|
|
$
|
40.1
|
|
|
|
$
|
73.2
|
|
|
$
|
71.6
|
|
|
Europe
|
|
|
(1.5
|
)
|
|
|
8.6
|
|
|
|
|
(3.4
|
)
|
|
|
19.9
|
|
|
Latin America
|
|
|
2.3
|
|
|
|
0.3
|
|
|
|
|
7.1
|
|
|
|
(0.9
|
)
|
|
Total
|
|
$
|
32.2
|
|
|
$
|
49.0
|
|
|
|
$
|
76.9
|
|
|
$
|
90.6
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Return on Metal Adjusted
Sales (3)
|
|
|
|
|
|
|
|
|
|
||||||||
|
North America
|
|
|
5.6
|
%
|
|
|
7.0
|
%
|
|
|
|
6.6
|
%
|
|
|
6.2
|
%
|
|
Europe
|
|
|
-0.7
|
%
|
|
|
3.6
|
%
|
|
|
|
-0.9
|
%
|
|
|
4.2
|
%
|
|
Latin America
|
|
|
1.6
|
%
|
|
|
0.2
|
%
|
|
|
|
2.3
|
%
|
|
|
-0.2
|
%
|
|
Total Company
|
|
|
3.5
|
%
|
|
|
4.9
|
%
|
|
|
|
4.3
|
%
|
|
|
4.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Capital Expenditures
|
|
|
|
|
|
|
|
|
|
||||||||
|
North America
|
|
$
|
12.2
|
|
|
$
|
9.5
|
|
|
|
$
|
33.3
|
|
|
$
|
16.5
|
|
|
Europe
|
|
|
5.1
|
|
|
|
4.8
|
|
|
|
|
17.0
|
|
|
|
8.9
|
|
|
Latin America
|
|
|
0.9
|
|
|
|
3.5
|
|
|
|
|
2.9
|
|
|
|
6.6
|
|
|
Africa / Asia Pacific
|
|
|
-
|
|
|
|
-
|
|
|
|
|
0.2
|
|
|
|
0.1
|
|
|
Total
|
|
$
|
18.2
|
|
|
$
|
17.8
|
|
|
|
$
|
53.4
|
|
|
$
|
32.1
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Depreciation & Amortization
|
|
|
|
|
|
|
|
|
|
||||||||
|
North America
|
|
$
|
9.1
|
|
|
$
|
11.0
|
|
|
|
$
|
18.3
|
|
|
$
|
21.9
|
|
|
Europe
|
|
|
5.5
|
|
|
|
5.8
|
|
|
|
|
11.0
|
|
|
|
11.4
|
|
|
Latin America
|
|
|
4.0
|
|
|
|
4.3
|
|
|
|
|
8.2
|
|
|
|
8.4
|
|
|
Africa / Asia Pacific
|
|
|
0.3
|
|
|
|
0.5
|
|
|
|
|
0.9
|
|
|
|
1.1
|
|
|
Total
|
|
$
|
18.9
|
|
|
$
|
21.6
|
|
|
|
$
|
38.4
|
|
|
$
|
42.8
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Revenues by Major Product Lines
|
|
|
|
|
|
|
|
|
|
||||||||
|
Electric Utility
|
|
$
|
330.5
|
|
|
$
|
365.3
|
|
|
|
$
|
653.7
|
|
|
$
|
724.5
|
|
|
Electrical Infrastructure
|
|
|
240.5
|
|
|
|
257.3
|
|
|
|
|
478.0
|
|
|
|
538.4
|
|
|
Construction
|
|
|
198.2
|
|
|
|
209.9
|
|
|
|
|
397.1
|
|
|
|
400.1
|
|
|
Communications
|
|
|
131.6
|
|
|
|
128.4
|
|
|
|
|
248.4
|
|
|
|
244.8
|
|
|
Rod Mill Products
|
|
|
42.3
|
|
|
|
60.3
|
|
|
|
|
84.1
|
|
|
|
116.1
|
|
|
Total
|
|
$
|
943.1
|
|
|
$
|
1,021.2
|
|
|
|
$
|
1,861.3
|
|
|
$
|
2,023.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Metal-adjusted revenues, a
non-GAAP financial measure, is provided in order to eliminate an estimate of
metal price volatility from the comparison of revenues from one period to
another.
|
|
|
|
(2) Adjusted operating income
(loss) is a non-GAAP financial measure. The company is providing adjusted
operating income (loss) on a segment basis because management believes it is
useful in analyzing the operating performance of the business and is
consistent with how management reviews the underlying business trends. A
reconciliation of segment reported operating income (loss) to segment
adjusted operating income (loss) is provided in the appendix of the Second
Quarter 2017 Investor Presentation, located on the Company's website.
|
|
|
|
(3) Return on Metal Adjusted Sales
is calculated on Adjusted Operating Income (Loss)
|
|
|
|
GENERAL CABLE CORPORATION AND
SUBSIDIARIES
|
||||||||||
|
Consolidated Balance Sheets
|
||||||||||
|
(in millions, except share data)
|
||||||||||
|
|
|
|
|
|
||||||
|
Assets
|
|
June 30,
2017 |
|
December 31,
2016 |
||||||
|
|
|
(unaudited)
|
|
|
||||||
|
Current Assets:
|
|
|
|
|
||||||
|
|
Cash and cash equivalents
|
|
$
|
96.6
|
|
|
$
|
101.1
|
|
|
|
|
Receivables, net of
allowances of $22.0 million at June 30, 2017 and $20.2 million at December
31, 2016
|
|
|
697.9
|
|
|
|
664.5
|
|
|
|
|
Inventories
|
|
|
770.8
|
|
|
|
768.2
|
|
|
|
|
Prepaid expenses and other
|
|
|
76.6
|
|
|
|
65.4
|
|
|
|
|
|
Total current assets
|
|
|
1,641.9
|
|
|
|
1,599.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
536.6
|
|
|
|
529.3
|
|
||
|
Deferred income taxes
|
|
|
10.5
|
|
|
|
20.4
|
|
||
|
Goodwill
|
|
|
12.2
|
|
|
|
12.0
|
|
||
|
Intangible assets, net
|
|
|
26.1
|
|
|
|
28.3
|
|
||
|
Unconsolidated affiliated
companies
|
|
|
0.2
|
|
|
|
9.0
|
|
||
|
Other non-current assets
|
|
|
49.5
|
|
|
|
43.4
|
|
||
|
|
|
Total assets
|
|
$
|
2,277.0
|
|
|
$
|
2,241.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Total Equity
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
Current Liabilities:
|
|
|
|
|
||||||
|
|
Accounts payable
|
|
$
|
431.1
|
|
|
$
|
414.0
|
|
|
|
|
Accrued liabilities
|
|
|
337.9
|
|
|
|
419.6
|
|
|
|
|
Current portion of long-term debt
|
|
|
49.0
|
|
|
|
67.5
|
|
|
|
|
|
Total current liabilities
|
|
|
818.0
|
|
|
|
901.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
1,034.0
|
|
|
|
871.1
|
|
||
|
Deferred income taxes
|
|
|
131.1
|
|
|
|
126.7
|
|
||
|
Other liabilities
|
|
|
170.9
|
|
|
|
173.8
|
|
||
|
|
|
Total liabilities
|
|
|
2,154.0
|
|
|
|
2,072.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
Total Equity:
|
|
|
|
|
||||||
|
|
Common stock, $0.01 par value,
issued and outstanding shares:
|
|
|
|
|
|||||
|
|
|
June 30, 2017 - 49,754,732 (net of
9,055,234 treasury shares)
|
|
|
|
|
||||
|
|
|
December 31, 2016 - 49,390,850
(net of 9,419,116 treasury shares)
|
|
|
0.6
|
|
|
|
0.6
|
|
|
|
Additional paid-in capital
|
|
|
707.0
|
|
|
|
711.0
|
|
|
|
|
Treasury stock
|
|
|
(164.1
|
)
|
|
|
(169.9
|
)
|
|
|
|
Retained earnings
|
|
|
(178.2
|
)
|
|
|
(102.2
|
)
|
|
|
|
Accumulated other comprehensive loss
|
|
|
(245.1
|
)
|
|
|
(286.4
|
)
|
|
|
|
|
Total Company shareholders' equity
|
|
|
120.2
|
|
|
|
153.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interest
|
|
|
2.8
|
|
|
|
15.8
|
|
|
|
|
|
Total equity
|
|
|
123.0
|
|
|
|
168.9
|
|
|
|
|
Total liabilities and equity
|
|
$
|
2,277.0
|
|
|
$
|
2,241.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts
General
Cable Corporation
Len Texter, 859-572-8684
Vice President, Finance
Global Controller and Investor Relations
Len Texter, 859-572-8684
Vice President, Finance
Global Controller and Investor Relations