HIGHLAND HEIGHTS, Ky. (AP) -- General Cable Co.'s shares fell 18 percent on Tuesday after the wire and cable maker reported disappointing preliminary third-quarter results and gave a weak fourth-quarter view.
THE SPARK: The company reported late Monday that net income for the three months ended Sept. 27 after paying preferred dividends totaled $15.6 million, or 31 cents per share. Excluding one-time items earnings totaled 45 cents per share. Revenue was $1.56 billion.
Analysts expected net income of 55 cents per share on revenue of $1.64 billion, according to FactSet.
Because of a restatement to correct accounting errors related to an inventory theft in Brazil, the company didn't provide year-ago figures.
In the fourth quarter, the company expects net income of 25 cents to 35 cents per share on revenue of $1.55 billion to $1.6 billion.
Analysts had expected profit of 51 cents per share on revenue of $1.65 billion.
THE BIG PICTURE: The company said in a statement that its prices were being pressured and global demand was "uneven" from key customers, and it had become more pessimistic about volumes in the second half of the year.
SHARE ACTION: Shares fell $6.15, or 18 percent, to $28.26 in afternoon trading. The stock had been up about 13 percent in 2013.