[February 08, 2017] |
|
General Cable Reports Fourth Quarter 2016 Results
General Cable Corporation (NYSE: BGC) reported today results for
the fourth quarter ended December 31, 2016. For the quarter, reported
diluted loss per share was $2.10 and reported operating loss was $97
million. The Company generated adjusted earnings per share for the
quarter of $0.05 and adjusted operating income of $27 million. See page
3 of this press release for the reconciliation of reported to adjusted
results and related disclosures.
Michael T. McDonnell, President and Chief Executive Officer, said, "In
2016 we achieved significant progress in the execution of our strategic
roadmap designed to transform the Company into a more focused, efficient
and innovative organization, including the strengthening of the General
Cable global management team. We are especially pleased with what we
have accomplished in North America, which has been a primary focus of
the roadmap during the first year of our three year plan. In 2017, we
expect to complete most of the North American initiatives and make
substantial progress in Europe and Latin America. Fourth quarter results
were at the low end of our expectations as stronger than expected
results in North America driven by demand for construction and electric
utility products were more than offset by a continued weak economic
environment in Latin America and a delayed implementation of a
restructuring project in Europe. We also delivered significant operating
cash flow in the fourth quarter of $89 million through timely customer
collections and continued tight management of inventory levels. We
maintain a positive outlook for 2017 and are encouraged by our
performance and continued execution as we head into the year."
Fourth Quarter Summary
-
Reported operating loss of $97 million largely due to settlement
of FCPA-related investigation and the reclassification of accumulated
other comprehensive non-cash currency translation expense of $28
million related to the closure of our South African facilities
-
Adjusted operating income of $27 million benefitted from strong
performance in North America and favorable metal prices which nearly
offset lower subsea turnkey project activity compared to last year and
continued weak economic conditions in Latin America
-
Generated operating cash flow of $89 million driven by the
continued tight management of working capital
-
Maintained significant liquidity with $399 million of
availability on the Company's asset based credit facility and applied
cash proceeds from divestitures to reduce outstanding borrowings
-
Impact of metal prices was a $5 million benefit compared to a
negative $8 million impact in the prior year period
Segment Demand
North America - Unit volume was up 10% year
over year as stronger demand for construction and electric utility
cables more than offset the continuing weak demand for industrial and
specialty products tied to oil and gas end markets.
Europe - Unit volume was up 6% year over
year driven by demand for electric utility products including land-based
turnkey projects as well as energy cables.
Latin America - Unit volume was up 9% year
over year primarily driven by rod products. Excluding rod products, unit
volume was flat year over year.
Overall, for the full year 2016, North America end market demand was up
1%. Demand in electric utility distribution and non-residential
construction markets in North America was up year over year while demand
for industrial and specialty products tied to oil and gas markets
continued to weaken throughout the year and was down year over year 4%
and 52%, respectively. In Europe, end market demand was flat year over
year. Latin America (excluding Venezuela) end market demand was up 2%
driven by rod products and shipments of aerial transmission cables,
while the balance of the portfolio remains under pressure due to reduced
spending on electric infrastructure and construction projects. Excluding
rod products, unit volume was down 4% year over year in Latin America.
Net Debt
At the end of the fourth quarter 2016 and the end of the fourth quarter
of 2015, total debt was $939 million and $1,080 million, respectively,
and cash and cash equivalents were $101 million and $112 million,
respectively. The decrease in net debt was principally due to cash
proceeds from divestitures being used to reduce outstanding borrowings
and the efficient management of working capital, including tight
management of inventory levels.
Other Matters
We announced on December 29, 2016, that we had entered into agreements
with the SEC and the DOJ that bring to a conclusion those agencies'
respective investigations relating to the FCPA and to the SEC's separate
accounting investigation related to our financial statements from fiscal
years 2012 and prior. As a result, fines, disgorgement, and pre-judgment
interest will be paid to the SEC and DOJ in the amount of $82.3 million
in 2017. We recorded a charge of approximately $49.3 million in the
fourth quarter of 2016.
As previously disclosed, the minority shareholders in the Company's
business in Colombia (Procables) elected to exercise a contractual right
to sell their 40% interest to the Company. In the fourth quarter of
2016, the Company paid $18.0 million to the minority shareholders for
their 40% interest and now owns 100% of the business.
First Quarter 2017 Outlook
Revenues in the first quarter are expected to be in the range of $850 to
$900 million. Unit volume is anticipated to be up low-single digits year
over year. Reported operating income is anticipated to be in the range
of $15 to $30 million and adjusted operating income is anticipated to be
in the range of $25 to $40 million for the first quarter. Reported
diluted earnings per share are anticipated to be in the range of ($0.05)
to $0.10 per share and adjusted earnings per share are expected to be in
the range of $0.05 to $0.20 per share for the first quarter. The first
quarter outlook assumes copper (COMEX) and aluminum (LME) prices of
$2.60 and $0.81, respectively. Foreign currency exchange rates are
assumed constant in the first quarter outlook. The first quarter outlook
for adjusted operating results does not include results from Asia
Pacific and Africa.
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, adjusted operating income and
return on metal-adjusted sales on a segment basis, 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. Adjusted results, for periods prior
to the fourth quarter of 2015, reflect the removal of the impact of our
Venezuelan operations on a standalone basis. Effective as of the end of
the third quarter 2015, we deconsolidated our Venezuelan subsidiary and
began accounting for our investment in our Venezuelan subsidiary using
the cost method of accounting. Historical segment adjusted operating
results are disclosed in the Fourth Quarter 2016 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 (loss) per
share follows:
Fourth Quarter of 2016 versus Fourth Quarter of 2015 and Third
Quarter of 2016
|
|
|
|
|
Fourth Quarter
|
|
Third Quarter
|
|
|
2016
|
|
2015
|
|
2016
|
In millions, except per share amounts
|
|
Operating Income
|
|
EPS
|
|
Operating Income
|
|
EPS
|
|
Operating Income
|
|
EPS
|
Reported
|
|
$
|
(96.8)
|
|
$
|
(2.10)
|
|
$
|
(37.1)
|
|
$
|
(0.98)
|
|
$
|
4.7
|
|
$
|
(0.29)
|
Adjustments to Reconcile Operating Income/EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash convertible debt interest expense (1)
|
|
|
-
|
|
|
0.01
|
|
|
-
|
|
|
0.01
|
|
|
-
|
|
|
0.01
|
Mark to market (gain) loss on derivative instruments (2)
|
|
|
-
|
|
|
(0.08)
|
|
|
-
|
|
|
0.08
|
|
|
-
|
|
|
(0.01)
|
Restructuring and divestiture costs (3)
|
|
|
27.8
|
|
|
0.44
|
|
|
15.3
|
|
|
0.23
|
|
|
24.1
|
|
|
0.29
|
Legal and investigative costs (4)
|
|
|
(0.7)
|
|
|
(0.01)
|
|
|
7.3
|
|
|
0.11
|
|
|
0.8
|
|
|
0.01
|
(Gain) loss on sale of assets (5)
|
|
|
1.0
|
|
|
0.02
|
|
|
-
|
|
|
-
|
|
|
(6.4)
|
|
|
(0.08)
|
Foreign Corrupt Practices Act (FCPA) accrual (6)
|
|
|
49.3
|
|
|
0.99
|
|
|
4.0
|
|
|
0.08
|
|
|
-
|
|
|
-
|
US Pension Settlement (7)
|
|
|
7.4
|
|
|
0.12
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Asia Pacific and Africa (income)/loss (8)
|
|
|
39.3
|
|
|
0.66
|
|
|
38.7
|
|
|
0.52
|
|
|
8.9
|
|
|
0.14
|
Total Adjustments
|
|
|
124.1
|
|
|
2.15
|
|
|
65.3
|
|
|
1.03
|
|
|
27.4
|
|
|
0.36
|
Adjusted
|
|
$
|
27.3
|
|
$
|
0.05
|
|
$
|
28.2
|
|
$
|
0.05
|
|
$
|
32.1
|
|
$
|
0.07
|
The following reconciliation of estimated operating income and diluted
earnings per share to adjusted operating income and adjusted earnings
per share for the first quarter of 2017 contains forward-looking
information. All forward-looking information involves risks and
uncertainties. Actual results may differ materially from those
contemplated by the forward-looking information as a result of factors,
risks and uncertainties over many of which we have no control. See
"Cautionary Statement Concerning Forward-Looking Statements" at the end
of this press release.
First Quarter of 2017 Outlook and First Quarter of 2016 Actual
|
|
|
|
|
First Quarter
|
|
|
2017 Outlook
|
|
2016 Actual
|
In millions, except per share amounts
|
|
Operating Income
|
|
EPS
|
|
Operating Income
|
|
EPS
|
Reported
|
|
$ 15.0 - 30.0
|
|
$ (0.05) - 0.10
|
|
$ 20.5
|
|
$ (0.10)
|
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)
|
|
-
|
|
-
|
|
-
|
|
(0.04)
|
Restructuring and divestiture costs (3)
|
|
8.0
|
|
0.07
|
|
14.1
|
|
0.19
|
Legal and investigative costs (4)
|
|
-
|
|
-
|
|
5.8
|
|
0.08
|
Asia Pacific and Africa (income)/loss (8)
|
|
2.0
|
|
0.02
|
|
1.2
|
|
0.05
|
Total Adjustments
|
|
10.0
|
|
0.10
|
|
21.1
|
|
0.29
|
Adjusted
|
|
$ 25.0 - 40.0
|
|
$ 0.05 - $0.20
|
|
$ 41.6
|
|
$ 0.19
|
|
|
|
|
|
|
|
|
|
NOTE: The tables above reflect EPS adjustments based on the
Company's full year effective tax rate for 2017 and 2015 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) accrual is the Company's
additional accruals recorded in 2015 and 2016 to settle the
investigation with SEC and DOJ. See "Other Matters" on page 2 of
this press release. The Company adjusts for this accrual as
management believes this is a one-time charge and will not occur as
part of ongoing operations.
|
(7)
|
|
The US pension settlement charge is a one-time cost related to the
lump sum payment to term-vested participants of the US Master
Pension Plan. This charge represents the payments made to those
participants who elected to take the lump sum payment and for which
the Company no longer has obligations to pay in the future. The
Company has adjusted for this US pension settlement charge as
management does not expect it to occur in the future, nor is it part
of the ongoing operations.
|
(8)
|
|
The adjustment excludes the impact of operations in the Asia Pacific
and Africa segment which are not considered "core operations" under
the Company's new 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 Asia Pacific and Africa (which consists
primarily of business located in Africa) do not meet the
requirements to be presented as discontinued operations. Fourth
quarter 2016 reflects the non-cash impacts of a $28 million currency
translation reclassification out of accumulated other comprehensive
income related to the closure of our South African Facilities and an
$11 million asset impairment charge for the Company's business in
China; fourth quarter 2015 reflects the impact of a non-cash asset
impairment charge of $31 million in the Company's business in
Algeria.
|
|
|
|
Conference Call and Investor Presentation
General Cable will discuss fourth quarter results on a conference call
that will be broadcast live at 8:30 a.m., ET, on February 9, 2017. The
live webcast of the Company's conference call will be available in
listen only mode and can be accessed through the Investor Relations page
on our website at www.generalcable.com.
Also available on our website is a copy of an Investor Presentation that
will be referenced throughout the conference call.
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 are forward-looking statements
that involve risks and uncertainties, predict or describe future events
or trends and that do not relate solely to historical matters. Forward
looking statements include, among others, expressed expectations with
regard to the following: "believe," "expect," "may," "will,"
"anticipate," "intend," "estimate," "project," "plan," "assume," "seek
to" or other similar 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 include, but are not limited to: the economic
strength and competitive nature of the geographic markets that the
Company serves; our ability to increase manufacturing capacity and
productivity; our ability to increase our selling prices during periods
of increasing raw material costs; our ability to service, and meet all
requirements under, our debt, and to maintain adequate domestic and
international credit facilities and credit lines; our ability to
establish and maintain internal controls; the impact of unexpected
future judgments or settlements of claims and litigation; the impact of
foreign currency exchange rate fluctuations; the impact of future
impairment charges; compliance with U.S. and foreign laws, including the
Foreign Corrupt Practices Act ("FCPA"); compliance with our obligations
under the non-prosecution agreement with the Department of Justice
related to the FCPA settlement; our ability to achieve the anticipated
cost savings, efficiencies and other benefits related to our
restructuring program and other strategic initiatives, including our
plan to exit all of our Asia Pacific and African operations, and the
other risks detailed from time to time in the Company's filings with the
Securities and Exchange Commission ("SEC"), including but not limited
to, its annual report on Form 10-K filed with the SEC on February 29,
2016, and subsequent SEC filings. You are cautioned not to place undue
reliance on these forward-looking statements. General Cable 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.
|
General Cable Corporation and Subsidiaries
|
Consolidated Statements of Operations
|
(in millions, except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Fiscal Months Ended
|
|
|
Twelve Fiscal Months Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
December 31,
|
|
December 31,
|
|
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
Net sales
|
|
$
|
910.0
|
|
|
$
|
952.9
|
|
|
|
$
|
3,858.4
|
|
|
$
|
4,514.5
|
|
Cost of sales
|
|
|
835.9
|
|
|
|
888.0
|
|
|
|
|
3,451.3
|
|
|
|
4,082.1
|
|
Gross profit
|
|
|
74.1
|
|
|
|
64.9
|
|
|
|
|
407.1
|
|
|
|
432.4
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
170.9
|
|
|
|
101.3
|
|
|
|
|
408.9
|
|
|
|
412.3
|
|
Goodwill impairment charges
|
|
|
-
|
|
|
|
0.7
|
|
|
|
|
9.0
|
|
|
|
3.9
|
|
Intangible asset impairment charges
|
|
|
-
|
|
|
|
-
|
|
|
|
|
7.5
|
|
|
|
1.7
|
|
Operating income (loss)
|
|
|
(96.8
|
)
|
|
|
(37.1
|
)
|
|
|
|
(18.3
|
)
|
|
|
14.5
|
|
Other income (expense)
|
|
|
2.5
|
|
|
|
(9.4
|
)
|
|
|
|
7.2
|
|
|
|
(71.3
|
)
|
Interest income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(22.3
|
)
|
|
|
(22.8
|
)
|
|
|
|
(89.5
|
)
|
|
|
(97.0
|
)
|
Interest income
|
|
|
1.3
|
|
|
|
0.5
|
|
|
|
|
2.5
|
|
|
|
2.7
|
|
|
|
|
(21.0
|
)
|
|
|
(22.3
|
)
|
|
|
|
(87.0
|
)
|
|
|
(94.3
|
)
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
(115.3
|
)
|
|
|
(68.8
|
)
|
|
|
|
(98.1
|
)
|
|
|
(151.1
|
)
|
Income tax (provision) benefit
|
|
|
11.4
|
|
|
|
13.9
|
|
|
|
|
3.7
|
|
|
|
14.8
|
|
Equity in net earnings of affiliated companies
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
|
0.9
|
|
|
|
0.5
|
|
Net income (loss) including noncontrolling interest
|
|
|
(103.7
|
)
|
|
|
(54.7
|
)
|
|
|
|
(93.5
|
)
|
|
|
(135.8
|
)
|
Less: net income (loss) attributable to noncontrolling interest
|
|
|
0.9
|
|
|
|
(6.8
|
)
|
|
|
|
0.3
|
|
|
|
(13.9
|
)
|
Net income (loss) attributable to Company common shareholders
|
|
$
|
(104.6
|
)
|
|
$
|
(47.9
|
)
|
|
|
$
|
(93.8
|
)
|
|
$
|
(121.9
|
)
|
Earnings (loss) per share - Net income (loss) attributable to
Company common shareholders per common share
|
|
|
|
|
|
|
Earnings (loss) per common share - basic
|
|
$
|
(2.10
|
)
|
|
$
|
(0.98
|
)
|
|
|
$
|
(1.89
|
)
|
|
$
|
(2.49
|
)
|
Weighted average common shares - basic
|
|
|
49.7
|
|
|
|
48.9
|
|
|
|
|
49.6
|
|
|
|
48.9
|
|
Earnings (loss) per common share - assuming dilution
|
|
$
|
(2.10
|
)
|
|
$
|
(0.98
|
)
|
|
|
$
|
(1.89
|
)
|
|
$
|
(2.49
|
)
|
Weighted average common shares - assuming dilution
|
|
|
49.7
|
|
|
|
48.9
|
|
|
|
|
49.6
|
|
|
|
48.9
|
|
|
|
|
|
|
|
|
|
|
|
|
General Cable Corporation and Subsidiaries
|
Consolidated Statements of Operations
|
Segment Information
|
(in millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Fiscal Months Ended
|
|
Twelve Fiscal Months Ended
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
Revenues (as reported)
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
476.5
|
|
|
$
|
479.8
|
|
|
|
$
|
2,041.7
|
|
|
$
|
2,299.3
|
|
Europe
|
|
|
212.2
|
|
|
|
216.5
|
|
|
|
|
875.7
|
|
|
|
960.2
|
|
Latin America
|
|
|
174.0
|
|
|
|
163.5
|
|
|
|
|
655.2
|
|
|
|
726.8
|
|
Africa / Asia Pacific
|
|
|
47.3
|
|
|
|
93.1
|
|
|
|
|
285.8
|
|
|
|
528.2
|
|
Total
|
|
$
|
910.0
|
|
|
$
|
952.9
|
|
|
|
$
|
3,858.4
|
|
|
$
|
4,514.5
|
|
|
|
|
|
|
|
|
|
|
|
Revenues (metal adjusted) (1)
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
476.5
|
|
|
$
|
496.0
|
|
|
|
$
|
2,041.7
|
|
|
$
|
2,196.9
|
|
Europe
|
|
|
212.2
|
|
|
|
221.6
|
|
|
|
|
875.7
|
|
|
|
927.6
|
|
Latin America
|
|
|
174.0
|
|
|
|
171.7
|
|
|
|
|
655.2
|
|
|
|
672.3
|
|
Africa / Asia Pacific
|
|
|
47.3
|
|
|
|
96.7
|
|
|
|
|
285.8
|
|
|
|
491.3
|
|
Total
|
|
$
|
910.0
|
|
|
$
|
986.0
|
|
|
|
$
|
3,858.4
|
|
|
$
|
4,288.1
|
|
|
|
|
|
|
|
|
|
|
|
Metal Pounds Sold
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
132.5
|
|
|
|
120.2
|
|
|
|
|
548.0
|
|
|
|
543.9
|
|
Europe
|
|
|
37.7
|
|
|
|
35.5
|
|
|
|
|
154.0
|
|
|
|
155.0
|
|
Latin America
|
|
|
62.5
|
|
|
|
57.1
|
|
|
|
|
239.3
|
|
|
|
239.3
|
|
Africa / Asia Pacific
|
|
|
12.8
|
|
|
|
24.0
|
|
|
|
|
85.1
|
|
|
|
130.8
|
|
Total
|
|
|
245.5
|
|
|
|
236.8
|
|
|
|
|
1,026.4
|
|
|
|
1,069.0
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (loss)
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
(39.1
|
)
|
|
$
|
6.1
|
|
|
|
$
|
62.4
|
|
|
$
|
84.5
|
|
Europe
|
|
|
(14.4
|
)
|
|
|
(1.3
|
)
|
|
|
|
2.6
|
|
|
|
6.6
|
|
Latin America
|
|
|
(4.0
|
)
|
|
|
(3.2
|
)
|
|
|
|
(14.4
|
)
|
|
|
(22.8
|
)
|
Africa / Asia Pacific
|
|
|
(39.3
|
)
|
|
|
(38.7
|
)
|
|
|
|
(68.9
|
)
|
|
|
(53.8
|
)
|
Total
|
|
$
|
(96.8
|
)
|
|
$
|
(37.1
|
)
|
|
|
$
|
(18.3
|
)
|
|
$
|
14.5
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating Income (loss) (2)
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
32.0
|
|
|
$
|
21.5
|
|
|
|
$
|
136.8
|
|
|
$
|
137.2
|
|
Europe
|
|
|
(3.6
|
)
|
|
|
5.9
|
|
|
|
|
21.5
|
|
|
|
47.8
|
|
Latin America
|
|
|
(1.1
|
)
|
|
|
0.8
|
|
|
|
|
(8.3
|
)
|
|
|
(6.0
|
)
|
Total
|
|
$
|
27.3
|
|
|
$
|
28.2
|
|
|
|
$
|
150.0
|
|
|
$
|
179.0
|
|
|
|
|
|
|
|
|
|
|
|
Return on Metal Adjusted Sales (3)
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
6.7
|
%
|
|
|
4.3
|
%
|
|
|
|
6.7
|
%
|
|
|
6.2
|
%
|
Europe
|
|
|
-1.7
|
%
|
|
|
2.7
|
%
|
|
|
|
2.5
|
%
|
|
|
5.2
|
%
|
Latin America
|
|
|
-0.6
|
%
|
|
|
0.5
|
%
|
|
|
|
-1.3
|
%
|
|
|
-0.9
|
%
|
Total Company
|
|
|
3.2
|
%
|
|
|
3.2
|
%
|
|
|
|
4.2
|
%
|
|
|
4.7
|
%
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
21.1
|
|
|
$
|
4.1
|
|
|
|
$
|
51.3
|
|
|
$
|
20.9
|
|
Europe
|
|
|
6.7
|
|
|
|
7.0
|
|
|
|
|
19.8
|
|
|
|
20.7
|
|
Latin America
|
|
|
2.6
|
|
|
|
2.1
|
|
|
|
|
12.4
|
|
|
|
11.1
|
|
Africa / Asia Pacific
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
|
0.6
|
|
|
|
8.8
|
|
Total
|
|
$
|
30.6
|
|
|
$
|
13.4
|
|
|
|
$
|
84.1
|
|
|
$
|
61.5
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
9.3
|
|
|
$
|
10.1
|
|
|
|
$
|
41.4
|
|
|
$
|
40.5
|
|
Europe
|
|
|
5.6
|
|
|
|
5.6
|
|
|
|
|
22.6
|
|
|
|
25.2
|
|
Latin America
|
|
|
4.2
|
|
|
|
4.6
|
|
|
|
|
16.9
|
|
|
|
19.2
|
|
Africa / Asia Pacific
|
|
|
0.6
|
|
|
|
1.3
|
|
|
|
|
5.1
|
|
|
|
11.5
|
|
Total
|
|
$
|
19.7
|
|
|
$
|
21.6
|
|
|
|
$
|
86.0
|
|
|
$
|
96.4
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by Major Product Lines
|
|
|
|
|
|
|
|
|
|
Electric Utility
|
|
$
|
303.0
|
|
|
$
|
307.8
|
|
|
|
$
|
1,357.1
|
|
|
$
|
1,550.2
|
|
Electrical Infrastructure
|
|
|
228.6
|
|
|
|
270.0
|
|
|
|
|
989.7
|
|
|
|
1,234.6
|
|
Construction
|
|
|
217.1
|
|
|
|
254.5
|
|
|
|
|
820.8
|
|
|
|
962.9
|
|
Communications
|
|
|
113.1
|
|
|
|
72.5
|
|
|
|
|
473.8
|
|
|
|
517.0
|
|
Rod Mill Products
|
|
|
48.2
|
|
|
|
48.1
|
|
|
|
|
217.0
|
|
|
|
249.8
|
|
Total
|
|
$
|
910.0
|
|
|
$
|
952.9
|
|
|
|
$
|
3,858.4
|
|
|
$
|
4,514.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Fourth Quarter 2016 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
|
|
December 31, 2016
|
|
December 31, 2015
|
Current Assets:
|
|
(unaudited)
|
|
|
|
Cash and cash equivalents
|
|
$
|
101.1
|
|
|
$
|
112.4
|
|
|
Receivables, net of allowances of $20.2 million at December 31,
2016 and $23.0 million at December 31, 2015
|
|
|
664.5
|
|
|
|
715.4
|
|
|
Inventories
|
|
|
768.2
|
|
|
|
846.4
|
|
|
Prepaid expenses and other
|
|
|
65.4
|
|
|
|
66.2
|
|
|
|
Total current assets
|
|
|
1,599.2
|
|
|
|
1,740.4
|
|
Property, plant and equipment, net
|
|
|
529.3
|
|
|
|
563.2
|
|
Deferred income taxes
|
|
|
20.4
|
|
|
|
30.9
|
|
Goodwill
|
|
|
12.0
|
|
|
|
22.2
|
|
Intangible assets, net
|
|
|
28.3
|
|
|
|
36.6
|
|
Unconsolidated affiliated companies
|
|
|
9.0
|
|
|
|
8.4
|
|
Other non-current assets
|
|
|
43.4
|
|
|
|
52.9
|
|
|
|
Total assets
|
|
$
|
2,241.6
|
|
|
$
|
2,454.6
|
|
Liabilities and Total Equity
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
414.0
|
|
|
$
|
428.7
|
|
|
Accrued liabilities
|
|
|
419.6
|
|
|
|
352.5
|
|
|
Current portion of long-term debt
|
|
|
67.5
|
|
|
|
168.1
|
|
|
|
Total current liabilities
|
|
|
901.1
|
|
|
|
949.3
|
|
Long-term debt
|
|
|
871.1
|
|
|
|
911.6
|
|
Deferred income taxes
|
|
|
126.7
|
|
|
|
145.5
|
|
Other liabilities
|
|
|
173.8
|
|
|
|
187.1
|
|
|
|
Total liabilities
|
|
|
2,072.7
|
|
|
|
2,193.5
|
|
Commitments and Contingencies
|
|
|
|
|
Redeemable noncontrolling interest
|
|
|
-
|
|
|
|
18.2
|
|
Total Equity:
|
|
|
|
|
|
Common stock, $0.01 par value, issued and outstanding shares:
|
|
|
|
|
|
|
December 31, 2016 - 49,390,850 (net of 9,419,116 treasury shares)
|
|
|
|
|
|
December 31, 2015 - 48,908,227 (net of 9,901,739 treasury shares)
|
|
0.6
|
|
|
|
0.6
|
|
|
Additional paid-in capital
|
|
|
711.0
|
|
|
|
720.5
|
|
|
Treasury stock
|
|
|
(169.9
|
)
|
|
|
(180.1
|
)
|
|
Retained earnings (deficit)
|
|
|
(102.2
|
)
|
|
|
27.2
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
(286.4
|
)
|
|
|
(340.2
|
)
|
|
|
Total Company shareholders' equity
|
|
|
153.1
|
|
|
|
228.0
|
|
|
Noncontrolling interest
|
|
|
15.8
|
|
|
|
14.9
|
|
|
|
Total equity
|
|
|
168.9
|
|
|
|
242.9
|
|
|
|
Total liabilities, redeemable noncontrolling interest and equity
|
|
$
|
2,241.6
|
|
|
$
|
2,454.6
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170208005999/en/
[ Back To TMCnet.com's Homepage ]
|