General Cable Corp. (BGC, Financial) filed Quarterly Report for the period ended 2011-09-30.
General Cable Corp. has a market cap of $1.28 billion; its shares were traded at around $24.51 with a P/E ratio of 8.9 and P/S ratio of 0.2. General Cable Corp. had an annual average earning growth of 23% over the past 10 years.
Sales in Venezuela were 4% and 3% of consolidated net sales for the quarters ended September 30, 2011 and October 1, 2010, respectively. Operating income in Venezuela was 18% and 21% of consolidated operating income for the quarters ended September 30, 2011 and October 1, 2010, respectively. The Companys sales in Venezuela were 3% of consolidated net sales for the nine months ended September 30, 2011 and October 1, 2010. Operating income in Venezuela was 14% and 17% of consolidated operating income for the nine months ended September 30, 2011 and October 1, 2010, respectively. For the quarter and nine months ended September 30, 2011, Venezuelas sales and cost of goods sold were approximately 90% and 29% BsF denominated and approximately 10% and 71% U.S. dollar denominated, respectively. For the quarter ended October 1, 2010, Venezuelas sales and cost of goods sold were approximately 89% and 29% BsF denominated and approximately 11% and 71% U.S. dollar denominated, respectively. For the nine months ended October 1, 2010, Venezuelas sales and cost of goods sold were approximately 83% and 29% BsF denominated and approximately 17% and 71% U.S. dollar denominated, respectively.
Net sales increased $317.3 million to $1,517.8 million in the third quarter of 2011 from $1,200.5 million in the third quarter of 2010. After adjusting third quarter 2010 net sales to reflect the $0.77 increase in the average monthly COMEX prices per pound of copper and the $0.16 increase in the average aluminum price per pound, net sales of $1,517.8 million reflect an increase of $190.3 million or 14%, from the metal adjusted net sales of $1,327.5 million in 2010. Volume, as measured by metal pounds sold increased 13.7 million pounds or 6% to 255.8 million pounds in the third quarter of 2011 as compared to 242.1 million pounds in the third quarter of 2010. Metal pounds sold is provided herein as the Company believes this metric to be an alternative measure of sales volume since it is not impacted by metal prices or foreign currency exchange rate changes. The increase in sales on a metal adjusted basis is primarily due to favorable selling price/product mix of approximately $129.8 million and favorable foreign currency exchange rate changes on the translation of reported revenues of $58.5 million.
Net sales increased $990.5 million to $4,497.6 million in the first nine fiscal months of 2011 from $3,507.1 million in the first nine fiscal months of 2010. After adjusting the first nine fiscal months 2010 net sales to reflect the $0.94 increase in the average monthly COMEX prices per pound of copper and the $0.19 increase in the average aluminum price per pound, net sales of $4,497.6 million reflect an increase of $524.4 million or 13%, from the metal adjusted net sales of $3,973.2 million in 2010. Volume, as measured by metal pounds sold increased 85.9 million pounds or 13% to 760.9 million pounds in the first nine fiscal months of 2011 as compared to 675.0 million pounds in the first nine fiscal months of 2010. Metal pounds sold is provided herein as the Company believes this metric to be an alternative measure of sales volume since it is not impacted by metal prices or foreign currency exchange rate changes. The increase in sales on a metal adjusted basis is due to increased volume of $170.9 million, favorable selling price/product mix of approximately $175.1 million, favorable foreign currency exchange rate changes on the translation of reported revenues of $156.4 million, and incremental net sales of $22.0 million attributable to acquisitions completed in the second half of 2010.
Metal-adjusted net sales in the Europe and Mediterranean segment increased $153.4 million, or 13%, principally due to favorable selling price/product mix of approximately $48.5 million, higher sales volume of $16.2 million, incremental net sales of $18.1 million attributable to acquisitions, and favorable foreign currency exchange rate changes of $70.6 million, primarily due to a stronger Euro relative to the U.S. dollar in the current year. Volume, as measured by metal pounds sold, increased by 11.7 million pounds, or 6%, in the first nine fiscal months of 2011 compared to the first nine fiscal months of 2010. Volumes for low-voltage cables in the Spanish domestic construction markets as well as the Companys project business in Germany performed above the first nine fiscal months of 2010. Despite the increase, economic conditions in Europe remained weak, influencing demand across a broad spectrum of products.
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General Cable Corp. has a market cap of $1.28 billion; its shares were traded at around $24.51 with a P/E ratio of 8.9 and P/S ratio of 0.2. General Cable Corp. had an annual average earning growth of 23% over the past 10 years.
Highlight of Business Operations:
General Cables reported net sales are directly influenced by the price of copper, and to a lesser extent, aluminum. The price of copper and aluminum as traded on the London Metal Exchange (LME) and COMEX has historically been subject to considerable volatility. During the past few years, global copper prices have been volatile at times setting new average record highs. In the three fiscal months ended September 30, 2011 and October 1, 2010, copper cathode on the COMEX averaged $4.07 and $3.30 per pound, respectively, and aluminum averaged $1.17 and $1.01 per pound, respectively. In the nine fiscal months ended September 30, 2011 and October 1, 2010, copper cathode on the COMEX averaged $4.20 and $3.26 per pound, respectively, and the daily price of aluminum averaged $1.21 and $1.02 per pound, respectively. The copper and aluminum price volatility is representative of all reportable segments.Sales in Venezuela were 4% and 3% of consolidated net sales for the quarters ended September 30, 2011 and October 1, 2010, respectively. Operating income in Venezuela was 18% and 21% of consolidated operating income for the quarters ended September 30, 2011 and October 1, 2010, respectively. The Companys sales in Venezuela were 3% of consolidated net sales for the nine months ended September 30, 2011 and October 1, 2010. Operating income in Venezuela was 14% and 17% of consolidated operating income for the nine months ended September 30, 2011 and October 1, 2010, respectively. For the quarter and nine months ended September 30, 2011, Venezuelas sales and cost of goods sold were approximately 90% and 29% BsF denominated and approximately 10% and 71% U.S. dollar denominated, respectively. For the quarter ended October 1, 2010, Venezuelas sales and cost of goods sold were approximately 89% and 29% BsF denominated and approximately 11% and 71% U.S. dollar denominated, respectively. For the nine months ended October 1, 2010, Venezuelas sales and cost of goods sold were approximately 83% and 29% BsF denominated and approximately 17% and 71% U.S. dollar denominated, respectively.
Net sales increased $317.3 million to $1,517.8 million in the third quarter of 2011 from $1,200.5 million in the third quarter of 2010. After adjusting third quarter 2010 net sales to reflect the $0.77 increase in the average monthly COMEX prices per pound of copper and the $0.16 increase in the average aluminum price per pound, net sales of $1,517.8 million reflect an increase of $190.3 million or 14%, from the metal adjusted net sales of $1,327.5 million in 2010. Volume, as measured by metal pounds sold increased 13.7 million pounds or 6% to 255.8 million pounds in the third quarter of 2011 as compared to 242.1 million pounds in the third quarter of 2010. Metal pounds sold is provided herein as the Company believes this metric to be an alternative measure of sales volume since it is not impacted by metal prices or foreign currency exchange rate changes. The increase in sales on a metal adjusted basis is primarily due to favorable selling price/product mix of approximately $129.8 million and favorable foreign currency exchange rate changes on the translation of reported revenues of $58.5 million.
Net sales increased $990.5 million to $4,497.6 million in the first nine fiscal months of 2011 from $3,507.1 million in the first nine fiscal months of 2010. After adjusting the first nine fiscal months 2010 net sales to reflect the $0.94 increase in the average monthly COMEX prices per pound of copper and the $0.19 increase in the average aluminum price per pound, net sales of $4,497.6 million reflect an increase of $524.4 million or 13%, from the metal adjusted net sales of $3,973.2 million in 2010. Volume, as measured by metal pounds sold increased 85.9 million pounds or 13% to 760.9 million pounds in the first nine fiscal months of 2011 as compared to 675.0 million pounds in the first nine fiscal months of 2010. Metal pounds sold is provided herein as the Company believes this metric to be an alternative measure of sales volume since it is not impacted by metal prices or foreign currency exchange rate changes. The increase in sales on a metal adjusted basis is due to increased volume of $170.9 million, favorable selling price/product mix of approximately $175.1 million, favorable foreign currency exchange rate changes on the translation of reported revenues of $156.4 million, and incremental net sales of $22.0 million attributable to acquisitions completed in the second half of 2010.
Metal-adjusted net sales in the Europe and Mediterranean segment increased $153.4 million, or 13%, principally due to favorable selling price/product mix of approximately $48.5 million, higher sales volume of $16.2 million, incremental net sales of $18.1 million attributable to acquisitions, and favorable foreign currency exchange rate changes of $70.6 million, primarily due to a stronger Euro relative to the U.S. dollar in the current year. Volume, as measured by metal pounds sold, increased by 11.7 million pounds, or 6%, in the first nine fiscal months of 2011 compared to the first nine fiscal months of 2010. Volumes for low-voltage cables in the Spanish domestic construction markets as well as the Companys project business in Germany performed above the first nine fiscal months of 2010. Despite the increase, economic conditions in Europe remained weak, influencing demand across a broad spectrum of products.
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