By Lisa Johnston
New products on display at the American International Toy Fair, held in N
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.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.