Cable manufacturer General Cable Corp. (NYSE: BGC), Highland Heights, KY, reported sales for the second quarter of $1.5 billion, down 7 percent year-over-year. The company reported a loss of $24.8 million, compared to a profit of $8.2 million in the second quarter of 2013.
"Our restructuring program is off to a fast start as planned," said Gregory Kenny, president and CEO. "Overall, the wire and cable industry has been wading through an uneven and lengthy global economic recovery over the past several years and these actions are important initial steps to improve our profitability and return on invested capital."
North America sales were down 8.6 percent in the second quarter, while Europe and Mediterranean sales were down 6.6 percent and rest of world sales were down 7.4 percent.
Year-to-date sales were $3 billion, down 7.5 percent over the prior-year period. The company reported a loss of $340.2 million, compared to a loss of $37.6 million in the first half of 2013.
