GE Q2 Majap Segment Rev. Rise 6%
By Jeff Malester -- TWICE, 7/26/2004
Fairfield, Conn. — A 21 percent increase in unit sales of General Electric high-end Profile and Monogram major appliances helped the company's consumer and industrial segment, which includes majaps, register a 6 percent jump in revenue, hitting $3.5 billion, up from $3.3 billion in the year-ago period.
Majap segment profit at GE in the second quarter, ended June 30, soared 18 percent, reaching $204 million, compared with $173 million in the same three months last year. The consumer and industrial division was among nine of 11 GE business segments to contribute double-digit improvements to earnings during the three months.
For the six months, GE's consumer and industrial business revenue rose 7 percent to $6.6 billion, up from $6.2 billion in the second quarter of 2003.
Six-month profit for the majap segment increased 17 percent, hitting $353 million, compared with $301 million in the first six months of last year.
GE noted the launch of several new majap products in the year's first half, including the Profile ClimateKeeper2 dual-evaporator refrigerator and Monogram under-counter refrigeration modules.
Consolidated GE revenue in the second quarter climbed 11 percent, reaching $37 billion in the same three months a year earlier.
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