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GE Majap Biz Flat

1/20/2006 08:29:00 AM Eastern

Fairfield, Conn. — Fourth-quarter revenue in the major appliance business at GE edged upward 1 percent, with the company’s industrial segment — which includes majaps — coming in at $8.5 billion, compared with $8.4 billion in the last three months of 2004.

Profit in the industrial segment enjoyed a 25 percent increase over the same period a year earlier, rising to $769 million, from $613 million.

Among the majap business accomplishments in the fourth quarter, said GE, was the awarding of the Good Housekeeping “Good Buy” and Popular Science “Best of What’s New” citations in the home tech category for the company’s outstanding performance and innovative features for its Profile dishwasher with SmartDispense technology.

For the 12 months, revenue in the majaps segment rose 6 percent, hitting $32.6 billion, up from a year-ago $30.7 billion. Segment profit jumped 40 percent for the 12 months, reaching $2.6 billion, compared with a year-earlier $1.8 billion.

Consolidated fourth-quarter revenue at GE rose 3 percent to $40.7 billion, up $39.7 billion. With discontinued operations resulting in a fourth-quarter net loss of $2.7 billion, net earnings for the period were $3.1 billion, off 46 percent from the $5.6 billion recorded in the last three months of 2004.

Consolidated 12-month revenue increased 11 percent at GE, reaching $149.7 billion, up from $134.5 billion year-over-year. For the year, net loss from discontinued operations was $1.9 billion. Accordingly, consolidated net earnings were down 3 percent to $16.4 billion, from $16.8 billion a year earlier.