General Electric Co. reported a net income decline of 35% in 1Q 2009, dragged down by the performance of its GE Capital Finance subsidiary and its Consumer & Industrial division.
First-quarter net income was US$2.9 billion, compared with $4.5 billion a year ago. Revenue for the quarter declined 9% from the previous year, to $38.4 billion from $42.2 billion.
First-quarter profit for GE Consumer & Industrial, which includes GE’s appliances, lighting and industrial power generation equipment divisions, declined 75% over the year-ago period, to $36 million from $144 million. Revenue for the division declined 22%, to $2.2 billion, from $2.9 billion a year ago.
In a news release, GE chairman and CEO Jeff Immelt said the company plans to reduce its costs by more than $5 billion in 2009.
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