General Cable slashes profit outlook, announces job cuts

Citing a "lack of consistent momentum in utility and construction spending in North America and Latin America as well as ongoing headwinds expected in Spain and Thailand," General Cable (BGC) now expects 2014 op. income of $200M-$230M vs. prior guidance of $230M.

The company is cutting 1K jobs (nearly 7% of its workforce) as part of a restructuring. It expects to record $200M in pre-tax charges, and $80M in cash costs. Annual savings are expected to total $75M by early 2016.

Full Q2 results are due on July 30.

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