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GE Majap Q2 Sales Dip 11%, Net Off 22%

7/12/2001 11:43:00 AM Eastern

Fairfield, Conn. - Sales and earnings at General Electric's major appliances segment were hit hard in the second quarter with revenue dropping 11 percent to $1.4 billion, compared with $1.6 billion in the same period last year. Profit was off 22 percent, declining to $151 million, from $194 million in the same three months last year.

For the six months, GE's majap segment reported an 8 percent decrease in sales, to $2.7 billion, from $3 billion in the previous six-month period. Segment profit for the six months decreased 14 percent to $297 million, from $344 million in the same six months last year.

GE's Capital Services segment also took a steep revenue loss in the second quarter ended June 30, down 13 percent to $14.4 billion, from $16.5 billion in the year-ago three months. Net earnings for the segment before accounting charges climbed 16 percent to $1.5 billion, from $1.3 billion in the same quarter last year.

For the six months, GE's Capital Services segment registered a 9 percent loss in revenue, to $29.1 billion, from $32.2 billion in the year-ago six months. Net earnings before accounting charges were up 16 percent for the six months, reaching $2.9 billion, compared with $2.5 billion in the same six months in 2000.

Overall GE sales in the second quarter slid 3 percent, to $32 billion, compared with $32.9 billion in the same quarter last year. Earnings before accounting changes, however, rose 15 percent to $3.9 billion, compared with $3.4 billion in the year-ago period.

For the six months, revenue was relatively flat, dropping 1 percent to $62.5 billion, from $62.9 billion in the same six months last year. Earnings before accounting changes climbed 16 percent to $6.9 billion, from $6 billion in the year-ago six months.

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