GE Q1 Majap Sales Climb 8%, Profit Up 5%
Staff -- TWICE, 4/15/2002
Fairfield, Conn.— Elevated by a "very strong performance" in the United States — where core product volumes were up 10 percent — the GE Appliance business increased revenue by 8 percent in the first quarter, reaching $1.4 billion. This compares with $1.3 billion recorded in the same three months in 2001.
The increase in major appliance core product volume at GE in the first quarter, ended March 31, outpaced the industry, according to the company, and helped this business gain 60 basis points of market share.
The majap segment registered a 5 percent increase in profit in the first quarter, hitting $91 million, compared with $87 million in the year-ago first quarter.
The Consumer Services segment of GE Capital Services saw revenue in the first quarter drop 5 percent, to $5.4 billion, compared with $5.7 billion year over year.
Net earnings for the Consumer Services segment of GE Capital, however, increased 9 percent in the first three months, reaching $704 million, compared with $648 million in the same period in 2001.
Overall GE revenue was flat in the first quarter, at about $30.5 billion.
Earnings before required accounting changes jumped 17 percent, hitting $3.5 billion, compared with $3 billion in the same period last year. With the cumulative effect of accounting changes, net earnings dipped 3 percent to $2.5 billion, down from $2.6 billion year over year.
