[August 02, 2017] |
|
General Cable Reports Second Quarter 2017 Results
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
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170802006197/en/
[ Back To TMCnet.com's Homepage ]
|