Industrial equipment maker General Cable Corp. (BGC) Monday reported net a loss for the fourth quarter. However, excluding certain items, it reported profit, which came in above the Street estimate. The company further revealed its outlook for the coming quarter.
For the three-month period, the firm reported net loss attributable to company shareholders of $17.3 million or $0.35 per share. However, on an adjusted basis, the firm reported earnings per share of $0.28 for the quarter.
Four analysts on average polled by Thomson Reuters estimated earnings per share of $0.24 for the quarter. Analysts estimates typically exclude one-time items.
For the three months, the firm clocked net sales of $1.603 billion, just shy of consensus estimate of $1.61 billion.
The firm has declared a quarterly preferred stock dividend of approximately $0.72 per share, payable on February 25 to preferred stockholders on record as of January 31.
Looking forward, for the fourth quarter, the firm sees adjusted earnings per share in he range of $0.22 to $0.32 and revenue in the range of $1.55 billion to $1.60 billion, assuming year-to-date average metal prices on slightly lower unit volume sequentially.
The view for adjusted earnings per share is before the impact of non-cash convertible debt interest expense and mark to market gains or losses on derivative instruments. Also, excluded from the first quarter outlook is the impact of the recent Venezuelan currency devaluation, which is expected to result in a non-recurring charge in the range of $42 million or $0.82 per share, said the company.
Consensus estimate for the coming quarter is earnings per share of $0.49 on revenue of $1.65 billion.
For the full-year 2013, assuming copper prices remain at relatively stable levels, the company confirms its guidance for operating income in the range of $300 to $340 million on 1.4 billion to 1.5 billion metal pounds sold.
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