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GE Q3 Majaps Sales Flat, Profits Up 21%

10/14/2002 08:22:00 AM Eastern

Fairfield, Conn. - Sales in the major appliances segment in the consumer products division at General Electric were flat during the third quarter, hitting $1.54 billion, about $5 million more in sales than the company recorded in the third quarter of 2001.

Segment profit for majaps increased to $119 million in the third quarter, ended Sept. 30, a 21 percent increase over the $98 million reported in the year-ago period.

For the nine months, GE's majaps sales climbed 7 percent, to $4.6 billion, up from $4.3 billion in the same quarter last year.

Majaps segment profit for the nine months rose 18 percent, to $329 million, compared with $278 million in the same period in 2001.

Consolidated GE revenue for the third quarter rose 11 percent, hitting $32.6 billion, up from $29.5 billion in the third quarter last year. Net earnings for the period climbed 25 percent, reaching $4.1 billion, compared with $3.3 billion in the third quarter last year.

Consolidated GE revenue for the nine months increased 5 percent, to $96.3 billion, compared with $92 billion in the same period the previous year. Net earnings for the nine months rose 13 percent, hitting $11 billion, up from $9.8 billion year over year.