GE Appliance Sales Increase 8%
By Jeff Malester -- TWICE, 11/7/2005
Fairfield, Conn. — The industrial business segment at GE, which includes major appliances, notched an 8 percent sales increase during the third quarter, hitting $8.3 billion, up from $7.6 billion in the same three months in 2004.
Segment profit increased 56 percent in the three months, ended Sept. 30, reaching $629 million, up from $402 million year-on-year.
GE, in breaking out its major appliance business, cited a continued focus and investment in high-end consumer products, namely the GE Profile Smart- Dispenser dishwasher, Profile freestanding range with double ovens and GE Monogram walk-in wine vault.
For the nine months, GE's industrial segment also reported an 8 percent rise in sales quarter-over-quarter, coming in at $24.2 billion, up from a year-ago $22.3 billion. Segment profit for the nine months climbed 47 percent, hitting $1.8 billion, compared with $1.2 billion year-on-year.
Consolidated GE revenue in the third quarter increased 9 percent, reaching $41.9 billion, compared with $38.3 billion in 2004.
Consolidated net earnings were up $15 percent, hitting $4.7 billion, compared with $4.1 billion year-over-year.
