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GE Majap Segment Sales Rise 7% In Q1

Fairfield, Conn. — Sales in the major appliances segment at General Electric climbed 7 percent in the first quarter, hitting $3.1 billion, up from $2.9 billion in the first quarter of 2003.

Known as the Consumer and Industrial segment, GE’s majap business was among nine of 11 corporate segments to report double-digit improvements to earnings. The majap segment recorded a 16 percent profit in the first quarter, ended March 31, reaching $149 million, compared with $128 million in the year-ago period.

Consolidated first quarter GE sales increased 10 percent, rising to $33.4 billion, up from $30.5 billion year-on-year.

Consolidated net earnings rose 8 percent in the first quarter to $3.2 billion from $3 billion a year ago, when the company recorded a non-cash transition charge of $215 million.