General Cable Corp BGC
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/25/2013

Operator: Good morning. My name is Martina and I will be your conference facilitator. I would like to welcome everyone to the General Cable Corporation's Fourth Quarter 2012 Earnings Conference Call. This conference call is being recorded at the request of General Cable. Should you have any objections, you may disconnect at this time. All participants have been placed on mute to prevent any background noise. There will be a question-and-answer period after the speakers' remarks. Thank you.

General Cable you may begin your conference.

Len Texter - Manager, IR: Good morning, everyone and welcome to General Cable's fourth quarter 2012 earnings conference call. I'm Len Texter, Manager of Investor Relations at General Cable. Joining me this morning are Greg Kenny, our President and Chief Executive Officer; Brian Robinson, our Chief Financial Officer; and Bob Siverd, our General Counsel.

Many of you have already seen a copy of our press release issued this morning. For those of you who have not, it is available on First Call and our website at Today's call will be accompanied by a slide presentation also available on our website. If you have not downloaded a copy, we recommend that you do so as we will refer to the presentation throughout our prepared remarks today.

Due to the timing and final preparation of the Company's restated financial statements we have provided select financial data in today's materials. The format of today's call will first be an overview by Brian Robinson of our fourth quarter results followed by comments on the Company's outlook for the first quarter. Secondly, Greg Kenny will provide additional comments on 2013 including full year business trends followed by a question-and-answer period.

Before we get started, I wanted to call your attention to our Safe Harbor provision regarding forward-looking statements and Company defined non-GAAP financial measures as defined on Slide number 2 as we may refer to adjusted operating income and adjusted EBITDA in today's call.

To begin, please turn to Slide number 5, where we have included a reconciliation of our previously communicated outlook.

With that, I will turn the call over to Brian Robinson. Brian?

Brian J. Robinson - EVP, CFO and Treasurer: Thank you, Len, and good morning. We are pleased to report that our adjusted operating income for the fourth quarter was slightly above our previous communication provided a couple of weeks ago. As we discussed then and as shown on Slide 5, typical seasonal patterns in the fourth quarter were partially offset by strong contributions from our recent acquisitions, housing related utility and construction product shipments in the U.S., a record level of quarterly metal pounds sold in our legacy General Cable Transmission business and strong results in Asia Pacific driven by construction and electrical infrastructure investments.

Overall global unit volume was in line with our expectations for the fourth quarter. Metal pounds attributable to our recent acquisitions more than offset typical seasonal declines in many of our base businesses. Net sales were slightly below our expectations principally due to lower average copper costs during the fourth quarter and a slightly greater mix of aluminum-based product shipments.

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