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GE Majaps Posts 8% Sales Hike in Q4

1/17/2002 10:43:00 AM Eastern

Fairfield, Conn. - In an abrupt turnaround from most of its sister business segments at General Electric, major appliances enjoyed an 8 percent increase in sales during the fourth quarter, climbing to $1.56 billion, from $1.44 billion in the same three months last year.

Profit for the majap segment in the fourth quarter ended Dec. 31 rose 4 percent to $188 million, compared with $181 million in the same 12 months in 2000.

GE's majap segment, one of eight at this diversified technology, services and manufacturing powerhouse - and the company's second smallest, bigger than only NBC - did report slightly lower revenue for the full year. This came in at $5.81 billion, down 1 percent from the $5.89 billion recorded for the 12 months in 2000.

Profit for the majap segment over the 12 months, however, decreased 6 percent, reaching $643 million, down from $684 million in 2000.

GE's Capital Services segment, by far the company's largest, saw a 9 percent decrease in revenue during the fourth quarter, dropping to $15.9 billion, compared with $17.6 billion in the year-ago fourth quarter.

Segment profit in the fourth quarter, however, rose 15 percent, to $1.4 billion, up from $1.2 billion in the same three months the previous year.

For the year, GE's Capital Services segment reported a 12 percent decrease in revenue, sliding to $58.4 billion, down from $66.2 billion in the same 12 months in 2000.

Segment profit, however, increased 8 percent over the 12 months, reaching $5.6 billion, compared with $5.2 billion in the previous year.