[R]11:45AM New York – General Cable falls after revenue rises 55% and earnings gain 74%.[/R]

General Cable Corp cable and wire products company said first quarter revenue grew 55% to $1.57 billion from $1.01 billion.

Net income in the quarter was $65.8 million, or $1.21 per share, up 74% from $37.8 million, or 71 cents per share, in the same period a year earlier.

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.

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.

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.

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 on revenues of approximately $1.7 to $1.8 billion.

General Cable stock (BGC: chart) fell $3.61 to $66.78.