Fairfield, Conn. — With nine of its business segments delivering at least double-digit earnings growth during the first quarter, GE’s consumer and industrial business — namely major appliances and lighting products — did its share to help boost overall company earnings in the year’s first three months.
Segment profit for GE’s majaps climbed 11 percent, hitting $165 million in the three months, ended March 31, up from a year-ago $149 million. Revenue for the majap segment jumped 5 percent, reaching $3.3 billion, compared with $3.1 billion in the same quarter in 2004.
Continued strength in high-end Monogram and Profile majap lines helped push segment revenue higher in the first quarter. Sales of these appliance brands increased 10 percent year-over-year, according to GE.
Consolidated GE earnings in the first quarter increased to a record $4 billion, up 25 percent from the $3.2 billion recorded year-on-year.
Consolidated sales for the three months soared 19 percent to $39.8 billion, compared with $33.4 billion in the first quarter of 2004.