General Cable brings back quarterly dividend

General Cable to issue quarterly dividend for first time since 2002

Associated Press

HIGHLAND HEIGHTS, Ky. (AP) -- General Cable Corp. said Monday that it will issue a quarterly dividend of 18 cents per share in June, the wire and cable maker's first payout since 2002.

Growth through acquisitions and into emerging markets has helped improve General Cable's financial position in the past several years and allows it to now return cash to shareholders, said CEO Gregory Kenny. The company's new dividend is payable June 28 to shareholders of record on June 10.

General Cable, based in Highland Heights, Ky., makes copper, aluminum and fiber optic wire and cable products for the energy, industrial and communications markets.

The company reported net income of $3.7 million last year on revenue of $6.01 billion. In 2011, it earned $65.7 million on $5.87 billion in revenue. Per-share profit rose in 2012, to $1.94 from $1.88, when stripping out expenses for severance, acquisitions and other one-time items.

The company on Monday also extended its $125 million share repurchase program by a few months, to the end of this year. It had been meant to expire in October.

The buyback program had not been used because of restrictions put in place while it restated its financial statements at the end of 2012 and into the early part of 2013. The company announced last year that it would restate some of its financial results to correct problems stemming from inventory errors in Brazil and South Africa.

Shares of the company fell 22 cents to close at $34, up 26 percent over the past 12 months.

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