GE Reports Its Q3 Majap Sales Flat, But Profit Up 21%
By Staff -- TWICE, 10/28/2002
FAIRFIELD, CONN.— Sales in the major appliances segment in the Consumer Products division at General Electric were flat during the third quarter, hitting $1.54 billion, about $5 million more in sales than the company recorded in the third quarter of 2001.
Segment profit for majaps increased to $119 million in the third quarter, ended Sept. 30, a 21 percent increase over the $98 million reported in the year-ago period.
For the nine months, GE's majap sales climbed 7 percent, to $4.6 billion, up from $4.3 billion in the same quarter last year.
Majap segment profit for the nine months rose 18 percent, to $329 million, compared with $278 million in the same period in 2001.
Consolidated GE revenue for the third quarter rose 11 percent, hitting $32.6 billion, up from $29.5 billion in the third quarter last year. Net earnings for the period climbed 25 percent, reaching $4.1 billion, compared with $3.3 billion in the third quarter last year.
Consolidated GE revenue for the nine months increased 5 percent, to $96.3 billion, compared with $92 billion in the same period the previous year. Net earnings for the nine months rose 13 percent, hitting $11 billion, up from $9.8 billion year over year.
