WASHINGTON (dpa-AFX) - General Cable Corp. (BGC) expects that it will incur a one-time pre-tax charge of $42 million in the first quarter of 2013 primarily related to the Company's remeasurement of its local balance sheet on the date of Venezuelan Currency Devaluation. The company said it does not expect any impact to its 2012 results of operations or cash flows.
The Venezuelan government announced the official exchange rate of its currency Bolivars would be adjusted from 4.3 Bolivars to each US Dollar to 6.3, effective February 13, 2013.
The company confirmed its full year 2013 outlook for adjusted operating income of $300 million to $340 million, excluding the non-recurring charge related to the remeasurement of the local balance sheet on the date of the Venezuelan currency devaluation.
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