General Cable Reports Fourth Quarter 2014 Results

General Cable Corporation (NYSE: BGC) reported today results for the fourth quarter ended December 31, 2014. For the fourth quarter of 2014, the Company recorded adjusted earnings per share of $0.15 and adjusted operating income of $46 million, in line with management's guidance. For the fourth quarter of 2014, reported loss per share was $2.86 and reported operating income was $14 million. For the full year 2014, the Company generated adjusted operating cash flow of $212 million and reported operating cash flow of $134 million. See page 3 of this press release for information on the reconciliation of adjusted to reported results.

Gregory B. Kenny, President and Chief Executive Officer, said, "We are making significant progress on our divestiture and restructuring programs and will remain focused on the execution of these strategic initiatives to simplify our geographic portfolio, reduce complexity and lower the cost base of our core operations. The sale of our interest in the Philippines marked a very important first step in executing on our divestiture program. With the fourth quarter announcement of restructuring actions to be taken in North America and Latin America, which are anticipated to generate approximately $15 million or 20% of the total annual savings of $75 million, we have now announced substantially all planned initiatives as outlined in July 2014. We are continuing to carefully evaluate further restructuring actions in our core operations as we focus on delivering increased returns from our businesses in North America, Latin America and Europe in an ongoing difficult operating environment most recently characterized by the impact of volatile metal prices and lower oil prices. The search for the next CEO and an operations-experienced independent director is progressing under the guidance of our outside Directors."

Brian J. Robinson, Executive Vice President and Chief Financial Officer, said, "We generated $212 million of adjusted operating cash flow for 2014 principally due to the strong management of working capital particularly inventory during the fourth quarter. We applied the proceeds from the sale of the Philippines toward the reduction of debt, a key priority for the Company. Our liquidity position is strong as availability under our North American and European based credit facility increased to $425 million. We also maintain an incremental $120 million of liquidity throughout Latin America (excluding Venezuela) including cash and various local working capital lines. We are well positioned to fund the business including working capital requirements, restructuring activities, quarterly dividends and the retirement of our $125 million senior floating rate notes due in April 2015."

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