GE's Home & Business Solutions business includes two business segments: Appliances & Lighting and Intelligent Platforms. GE reported that the 3Q revenues were $2,125 million, down 1% from 2009's 3Q.
In GE's webcast presentation Keith Sherin, vice chairman and CFO, said 3Q results were "…really driven by weakness in the appliance market."
Sherin continued: "For Appliance, the market was down 4% in the third quarter and our orders were down 6% with continued weakness in the contract channel. Multifamily was very weak in the quarter, and that is affecting the overall business. If you look, segment profit at $104 million was flat. That includes the impact of higher cost that we have put into the appliances to meet the new Energy Star standards which on a net basis is a positive because it resulted in $51 million of tax credits that aren't included in the pretax numbers."
He noted that GE continued to invest in Home & Business Solutions, with R&D up 27% in the third quarter of 2010.
to Daily News