Research Desk Line-up: Chase Post Earnings Coverage
LONDON, UK / ACCESSWIRE / July 19, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for General Cable Corp. (NYSE: BGC), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=BGC. The Company, which is one of the largest wire and cable manufacturers in the world, announced on July 17, 2017, that its Board of Directors has initiated a review of strategic alternatives with a view to maximize shareholder value, including a potential sale of the Company. General Cable's management expressed the view that the industry will consolidate over time and believe the review at this time is in the best interests of shareholders. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Senior Management's Views
Michael T. McDonnell, the Company's President and Chief Executive Officer, stated:
"I am proud of the efforts of our people to transform our business over the last two years, including rationalizing the asset base and refocusing on core businesses, streamlining our supply chain, and accelerating profitable growth in key segments. While we are benefiting from these significant operational and financial performance improvements, current dynamics in our industry are making those accomplishments, and we expect that trend to continue through the second half of 2017 and into 2018. As the Board conducts its review, we remain committed to executing our plan, to competing and to continuing to deliver innovative wire and cable solutions that exceed customer expectations."
Review Might Not Necessitate Sale
General Cable is not making any assurances that the review will result in a sale. News releases suggests that the Company does not wish to reveal the details of developments related to its review, unless and until the Board has approved a specific transaction or otherwise determined that further disclosure is appropriate.
Financial Results for Q2 Ended June 30, 2017
General Cable also announced preliminary financial results for Q2 ended June 30, 2017. The Company expects to report revenues of approximately $923 million for North America, Europe and Latin America, and also expects to disclose reported operating loss and adjusted operating income for Q2 of around ($23) million and $32 million, respectively. The expected reported operating loss primarily reflects a one-time non-cash charge of around $36 million related to the sale of the Company's investment in Algeria, which was divested consistent with the Company's previously announced divestiture program.
As of June 30, the Company maintained the availability of approximately $360 million under its $700 million asset-based revolving credit facility.
The Company plans to report interim financial statements for Q2 2017 through a press release to be issued on August 02, 2017.
Financial & Legal Advisors
J.P. Morgan Securities LLC is the financial advisor to General Cable Corporation. Sullivan & Cromwell LLP acts as legal advisor.
About General Cable Corp.
General Cable Corporation is engaged in the development, design, manufacture, marketing, and distribution of copper, aluminum and fiber optic wire and cable products for use in the energy, industrial, construction, specialty, and communications markets. The Company's segments include North America, Europe, Latin America, and Africa/Asia/Pacific. General Cable Corporation is headquartered in Highland Heights, United States.
Last Close Stock Review
On Tuesday, July 18, 2017, the stock closed the trading session at $17.90, slipping 1.65% from its previous closing price of $18.20. A total volume of 826.46 thousand shares has exchanged hands, which was higher than the 3-month average volume of 515.61 thousand shares. General Cable's stock price surged 9.15% in the last one month, 6.87% in the past three months, and 20.86% in the previous twelve months. The stock has a dividend yield of 4.02% and currently has a market cap of $880.32 million.
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SOURCE: Pro-Trader Daily