GE Q1 Majaps Sales Drop, Net Off

Staff On Apr 16 2001 - 6:00am

FAIRFIELD, CONN. — Revenue for the major appliance segment at General Electric dropped 5 percent in the first quarter, the company's largest percentage decline for any segment except for GE Capital Services, which reported a 6% dip. Major appliance sales hit $1.32 billion, down from the $1.38 billion recorded in the same three months last year.

GE's major appliance segment also recorded a drop in earnings during the first quarter ending March 31, with profit reaching $146 million, a 3 percent decline from the $150 million reported in the year-ago period.

Revenue for the GE Capital Services segment in the first quarter was $14.7 billion, a 6 percent decrease from the $15.7 billion reported in the same three months last year.

Profit at GE Capital Services, however, climbed 16 percent to $1.4 billion, compared with $1.2 billion in the year-ago first quarter.