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ap

General Cable issues weak fourth-quarter estimate

General Cable says fourth-quarter profit will fall on weak demand for products; shares drop

  • On 12:03 pm EDT, Monday October 26, 2009

HIGHLAND HEIGHTS, Ky. (AP) -- General Cable Corp. on Monday issued initial fourth-quarter guidance that reflects weak demand for its fiber optic and metal cable products.

The company, which also reported its net income fell 68 percent in the third quarter, expects to earn 20 cents to 30 cents per share in the fourth quarter. Analysts polled by Thomson Reuters expect, on average, 57 cents per share.

Shares tumbled $3.52, or 9.1 percent, to $35.08 in afternoon trading.

"The company is facing a demand environment in North America which is much worse than the last recession earlier this decade, while demand in Iberia is off nearly 50 percent," said CEO Gregory B. Kenny. He also said he expects U.S. nonresidential construction to keep declining.

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