General Cable Reports First Quarter Results

General Cable Corporation (NYSE: BGC), one of the largest and

most geographically diversified wire and cable companies, reported today

revenues and earnings for the first quarter. Reported diluted earnings

per share for the first quarter of 2008 were $1.21, an increase of 19.8%

from the adjusted earnings per share for the first quarter of 2007 of

$1.01. Adjusted earnings per share for the first quarter of 2007 exclude

the impact of charges related to the Company´s

tender offer for its $285 million Senior Notes. Reported diluted

earnings per share for the first quarter of 2007 were $0.71.
First Quarter Highlights

Record first quarter revenues of $1.57 billion, including $443.2

million from acquisitions completed in the last twelve months, grew

41.6% compared to the year ago period on a metal-adjusted basis

Operating income increased $24.2 million or 26.6%

Awarded first North Sea submarine cable wind farm project and

Company´s first long-haul repeatered

submarine fiber optic communications project, which together are

expected to be approximately $70 million in revenues

Successful integration of PDIC; well positioned to capture

commercial and operating synergies as well as build our position in

developing economies

International sales were approximately 70% of total revenues; now

one of the most geographically diverse U.S. based global manufacturing

companies

First Quarter Results
Net sales for the first quarter of 2008 were $1,568.4 million, an

increase of $460.5 million or 41.6% compared to the first quarter of

2007 on a metal-adjusted basis. This growth was principally due to the

acquisition of PDIC, the Company´s exposure to

global electrical infrastructure markets and favorable foreign exchange

translation partially offset by lower electric utility and outside plant

telecommunications cable demand in the United States.
First quarter 2008 operating income was $115.3 million compared to

operating income of $91.1 million in the first quarter of 2007, an

increase of $24.2 million or 26.6%. The increase in operating earnings

was principally from the addition of PDIC, favorable

lower-of-cost-or-market inventory adjustments of $3.9 million and strong

global markets for energy and industrial infrastructure products

partially offsetting lower demand and pricing for certain utility

products in North America. Operating margin was 7.4% in the first

quarter of 2008, a decrease of approximately 80 basis points from the

operating margin percentage of 8.2% in the first quarter of 2007 on a

metal-adjusted basis. This decline was principally due to the reduction

in the North American segment profitability.
Gregory B. Kenny, President and Chief Executive Officer of General

Cable, said, "I am pleased with the record

financial results the Company achieved in the first quarter. Because of

the strength of our broad-based global infrastructure products, the

Company was able to overcome rapidly rising copper prices during the

latter part of the quarter and a weakening U.S. economy to deliver

nearly 20% earnings growth. This is a strong testament to the success of

the Company´s efforts to diversify its product

and geographic reach over the last several years and our culture of

continuous improvement."
Market Update
European electric utility and electrical infrastructure markets remain

strong, offsetting the impact of Spain´s

weaker construction market. The Company´s

internal investment in Europe for submarine power cables, long-haul

submarine fiber optic communications systems, high voltage underground

cable systems, and products for the oil and gas industry continue as

planned. The Company was recently awarded its first submarine wind farm

project as well as its first repeatered long-haul submarine fiber optic

communications link project. Combined, these projects will contribute

over $70 million in revenues in the second half of 2008 and the first

half of 2009. Operating earnings in the Company´s

European business grew by 24.9% to $49.1 million in the first quarter of

2008 compared to the prior year. Operating margin was 8.9% in the first

quarter, an increase of 50 basis points from the 8.4% reported in the

first quarter of 2007 on a metal adjusted basis.
"Today, nearly 30% of the Company´s

production capacity in Spain is exported into other markets in Europe

North Africa and the Middle East. With our export experience from Spain

combined with PDIC´s operations in Thailand

which also reaches into these markets, we have excellent visibility into

the opportunities that these regions present. We are working diligently

to identify unique investment opportunities in these areas, with a

particular emphasis on energy and industrial infrastructure products

where we believe growth rates will far exceed that of Western Europe and

North America," said Kenny.
Strength in the Company´s Rest of World

segment is broad-based. The Rest of World segment includes businesses

with leading market positions in Central and South America, Sub-Saharan

Africa, Oceania and the Pacific Islands, as well as positions in

Southeast Asia, China and India. Revenue in this segment was up $432.4

million, principally related to the acquisition of PDIC which was

completed during the fourth quarter of 2007. Continuing strength in the

developing regions of the world is being driven by high levels of

construction and mining activities as well as programs to bring

electricity further into the rural areas of the countryside, such as

Brazil´s "Lights

for All" program. Operating earnings were

$35.0 million, an increase of $30.0 million from the first quarter of

2007.
In North America, revenues decreased 9.9% in the first quarter compared

to 2007 on a metal-adjusted basis while operating earnings decreased

$15.6 million. During the quarter, demand for electrical infrastructure

products, as well as networking, assemblies and infrastructure related

specialty products remained strong offset by declines in electric

utility and outside plant telecommunications product demand. Outside

plant telecommunications product demand continues to decline with the

industry´s investment bias towards fiber

initiatives. Electric utility year-over-year declines are partially due

to the strong cable demand in the first quarter 2007 resulting from

storm restoration work from the Midwest ice storms in the winter of

2007. Also, demand for low voltage and small gauge sized medium voltage

products supporting the residential construction markets, which began to

negatively affect the Company´s growth rates

significantly in the third quarter of 2007, continues to be weak.

However, demand for these products has improved sequentially in the

first quarter of 2008 compared to the fourth quarter of 2007, and should

improve sequentially again in the second quarter of 2008 due to the

seasonal nature of construction spending in North America. In the second

quarter, we expect demand for our MRO, industrial and data

communications products to improve compared to the prior year.
"Despite the recent reductions in cable

demand from the North American electric and telecommunications

utilities, the Company has continued to deliver significant

year-over-year overall earnings growth due to the strength of

international markets. Nevertheless, we continue to view the long- term

fundamentals for transmission cable in North America to be strong and

expect our low voltage electric utility products to recover with the

construction cycle in the United States," Kenny said.
Preferred Stock Dividend
In accordance with the terms of the Company´s

5.75% Series A Convertible Redeemable Preferred Stock, the Board of

Directors has declared a regular quarterly preferred stock dividend of

approximately $0.72 per share. The dividend is payable on May 23, 2008

to preferred stockholders of record as of the close of business on April

30, 2008. The Company expects the quarterly dividend payment to

approximate $0.1 million.
Second Quarter 2008 Outlook
"The Company is clearly benefiting from its

strategic investments to expand into new products and geographies more

than offsetting the ongoing weakness in certain product lines in the

developed economies. Despite the weakening U.S. and Spanish economies

as well as rapidly increasing copper and other raw material prices, for

the second quarter, the Company expects to report earnings per share of

$1.20 to $1.30 compared to adjusted earnings per share of $1.07 in the

second quarter of 2007, a double digit percentage increase, on revenues

of approximately $1.7 to $1.8 billion," Kenny

concluded. Reported diluted earnings per share in the second quarter of

2007 were $1.15, including $0.08 tax benefit from the reduction in

certain state deferred tax asset valuation allowances. Without this tax

benefit, earnings per share would have been $1.07.
General Cable will discuss first quarter results on a conference call

and webcast at 8:30 a.m. ET tomorrow, April 30, 2008. For more

information please see our website at www.generalcable.com.
General Cable (NYSE:BGC) is a global leader in the development, design

manufacture, marketing and distribution of copper, aluminum and fiber

optic wire and cable products for the energy, industrial, and

communications markets. Visit our website at www.generalcable.com.
Certain statements in this press release, including without

limitation, statements regarding future financial results and

performance, plans and objectives, capital expenditures and the Company´s

or management´s beliefs, expectations or

opinions, are forward-looking statements. Actual results may differ

materially from those statements as a result of factors, risks and

uncertainties over which the Company has no control. Such factors

include the economic strength and competitive nature of the geographic

markets that the Company serves; economic, political and other risks of

maintaining facilities and selling products in foreign countries;

changes in industry standards and regulatory requirements; advancing

technologies, such as fiber optic and wireless technologies; volatility

in the price of copper and other raw materials, as well as fuel and

energy and the Company´s ability to reflect

such volatility in its selling prices; interruption of supplies from the

Company´s key suppliers; the failure to

negotiate extensions of the Company´s labor

agreements on acceptable terms; the Company´s

ability to increase manufacturing capacity and achieve productivity

improvements; the Company´s dependence upon

distributors and retailers for non-exclusive sales of certain of the

Company´s products; pricing pressures in the

Company´s end markets; the Company´s

ability to maintain the uncommitted accounts payable or accounts

receivable financing arrangements in its European operations; the impact

of any additional charges in connection with plant closures and the

Company´s inventory accounting practices; the

impact of certain asbestos litigation, unexpected judgments or

settlements and environmental liabilities; the ability to successfully

identify, finance and integrate acquisitions; the impact of terrorist

attacks or acts of war which may affect the markets in which the Company

operates; the Company´s ability to retain

key employees; the Company´s ability to

service debt requirements and maintain adequate domestic and

international credit facilities and credit lines; the impact on the

Company´s operating results of its pension

accounting practices; volatility in the market price of the Company´s

common stock all of which are more fully discussed in the Company´s

Report on Form 10-K filed with the Securities and Exchange Commission on

February 29, 2008 as well as periodic reports filed with the

Commission.
TABLES TO FOLLOW

= = = = = = = = = = =

General Cable Corporation and Subsidiaries
- - - - - -

Consolidated Statements of Operations
- - - - - -

(in millions, except per share data)
- - - - - -

(unaudited)
- - - - - -

- - - - - -

- - - - - -

Three Fiscal Months Ended
- - - - - -

March 28

March 30

- - - - - -

2008

2007
- - - - - -

Net sales

$
1,568.4

$
1,009.2

- - - - - -

Cost of sales

1,355.7

849.4

- - - - - -

- - - - - -

Gross profit

212.7

159.8

- - - - - -

- - - - - -

Selling, general and administrative expenses

97.4

68.7

- - - - - -

- - - - - -

Operating income

115.3

91.1

- - - - - -

- - - - - -

Other income

1.4

-

- - - - - -

- - - - - -

Interest income (expense):

- - - - - -

Interest expense

(15.0
)

(8.9
)
- - - - - -

Interest income

2.8

3.0

- - - - - -

Loss on extinguishment of debt

-

(25.1
)
- - - - - -

(12.2
)

(31.0
)
- - - - - -

- - - - - -

Income before income taxes

104.5

60.1

- - - - - -

Income tax provision

(36.1
)

(22.2
)
- - - - - -

Minority interests in consolidated subsidiaries

(3.6
)

-

- - - - - -

Equity in net earnings of affiliated companies

1.1

-

- - - - - -

Net income

65.9

37.9

- - - - - -

Less: preferred stock dividends

(0.1
)

(0.1
)
- - - - - -

Net income applicable to common shareholders

$
65.8

$
37.8

- - - - - -

- - - - - -

Earnings per share

- - - - - -

Earnings per common share - basic

$
1.28

$
0.74

- - - - - -

Weighted average common shares - basic

51.4

51.1

- - - - - -

Earnings per common share-

- - - - - -

assuming dilution

$
1.21

$
0.71

- - - - - -

Weighted average common shares-

- - - - - -

assuming dilution

54.5

53.1

- - - - - -

= = = = = = = = = = =

General Cable Corporation and Subsidiaries
- - - - - -

Consolidated Statements of Operations
- - - - - -

Segment Information
- - - - - -

(in millions)
- - - - - -

(unaudited)
- - - - - -

- - - - - -

Three Fiscal Months Ended
- - - - - -

March 28

March 30

- - - - - -

2008

2007
- - - - - -

Revenues (as reported)

- - - - - -

North America

$
540.7

$
545.1

- - - - - -

Europe and North Africa

553.3

426.0

- - - - - -

Rest of World

474.4

38.1

- - - - - -

Total

$
1,568.4

$
1,009.2

- - - - - -

- - - - - -

Revenues (metal adjusted)

- - - - - -

North America

$
540.7

$
600.3

- - - - - -

Europe and North Africa

553.3

465.6

- - - - - -

Rest of World

474.4

42.0

- - - - - -

Total

$
1,568.4

$
1,107.9

- - - - - -

- - - - - -

Metal Pounds Sold

- - - - - -

North America

92.3

107.7

- - - - - -

Europe and North Africa

86.9

84.5

- - - - - -

Rest of World

98.1

5.5

- - - - - -

Total

277.3

197.7

- - - - - -

- - - - - -

Operating Income

- - - - - -

North America

$
31.2

$
46.8

- - - - - -

Europe and North Africa

49.1

39.3

- - - - - -

Rest of World

35.0

5.0

- - - - - -

Total

$
115.3

$
91.1

- - - - - -

- - - - - -

Return on Metal Adjusted Sales

- - - - - -

North America

5.8
%

7.8
%
- - - - - -

Europe and North Africa

8.9
%

8.4
%
- - - - - -

Rest of World

7.4
%

11.9
%
- - - - - -

Total Company

7.4
%

8.2
%
- - - - - -

- - - - - -

Capital Expenditures

- - - - - -

North America

$
9.0

$
4.1

- - - - - -

Europe and North Africa

21.1

12.3

- - - - - -

Rest of World

11.5

0.7

- - - - - -

Total

$
41.6

$
17.1

- - - - - -

- - - - - -

Depreciation & Amortization

- - - - - -

North America

$
8.8

$
8.2

- - - - - -

Europe and North Africa

7.0

6.1

- - - - - -

Rest of World

7.6

0.6

- - - - - -

Total

$
23.4

$
14.9

- - - - - -

- - - - - -

Revenues by Major Product Lines

- - - - - -

Electric Utility

$
545.0

$
385.1

- - - - - -

Electrical Infrastructure

395.0

259.3

- - - - - -

Construction

387.5

177.5

- - - - - -

Communications

202.5

187.3

- - - - - -

Rod Mill Products

38.4

-

- - - - - -

Total

$
1,568.4

$
1,009.2

- - - - - -