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GE Q1 Majap Sales Decrease 7%

4/11/2003 11:46:00 AM Eastern

Fairfield, Conn. - Sales in the first quarter at the consumer products segment of General Electric dropped 7 percent, to $1.8 billion, down from $2 billion in the year-ago period.

The segment, which includes major appliances, benefited from new majap product launches, namely GE's Profile stainless steel cooking and refrigeration products.

Segment profit for the three months, ended March 31, however, climbed 2 percent, hitting $113 million, up from $111 million in the first quarter of last year.

Consolidated GE sales edged downward 1 percent, to $30.3 billion in the first quarter, reflecting lower U.S. gas turbine sales and the absence of broadcasting revenues from NBC, which did the Winter Olympics the previous year. First-quarter revenue in 2002 was $30.5 billion.

GE reported consolidated first-quarter earnings before accounting changes of $3.2 billion, down 9 percent from the $3.5 billion year over year. With the accounting changes, first-quarter net earnings reached $3 billion, up 20 percent from the $2.5 billion recorded in the same quarter last year.