General Cable Corporation (NYSE: BGC), one of the most globally diversified industrial companies, reported today results for the third quarter ended September 30, 2011. Diluted earnings per share for the third quarter of 2011 were $0.07. Included in these results were $0.10 per share of non-cash convertible debt interest expense and $0.16 per share of mark to market losses on financial derivatives accounted for as economic hedges. Before the impact of these items, adjusted non-GAAP earnings per share for the third quarter of 2011 would have been $0.33.
Earnings versus expectations in the third quarter of 2011 were further burdened by foreign currency transaction losses of $0.23 per share caused by the strengthening of the US dollar against most major currencies in the latter half of the quarter and an increase to the Company’s estimated full year effective tax rate resulting in $0.13 per share of additional tax expense in the quarter versus expectations as a result of the impact to the first half of the year being reported in the third quarter.