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GE Majap Segment Earnings Up 18%

10/13/2003 09:29:00 AM Eastern

Fairfield, Conn. - The consumer products segment at General Electric, namely major appliances, achieved double-digit earnings growth in the third quarter, hitting $114 million, an 18 percent jump over the $97 million recorded in the year-ago period.

However, GE's consumer products division suffered a 2 percent dip in sales during the third quarter, ended Sept. 30, down to $2.08 billion, compared with $2.12 billion in the same three months last year.

For the nine months, GE majap earnings climbed 10 percent, reaching $391 million, up from $356 million in the same period a year ago. Sales for this business were down 3 percent in the nine months, coming in at $6.1 billion, compared with $6.2 billion for the same period in 2002.

GE, which said eight of its 13 business segments enjoyed double-digit earnings growth, reported consolidated net earnings after accounting changes of $3.6 billion for the third quarter, an 11 percent drop from the $4.1 billion recorded in the year-ago three months. Revenue for the third quarter rose 2 percent, to $33.4 billion, up from $32.7 billion year-on-year.

For the nine months, consolidated GE net earnings after accounting changes, decreased 5 percent, down to $10.4 billion, compared with $11 billion year over year. Total revenue for the nine months edged up 1 percent, hitting $97.2 billion, compared with $96.7 billion in the same period in 2002.

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