GE Delivers 2Q Earnings Growth, But Not in Appliances
Jul 22, 2011
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GE said it is increasing Home & Business Solutions' R&D funding 41% to revamp the appliances product line.
GE Corp. delivered its fifth consecutive quarter of double-digit earnings growth. Second-quarter operating earnings were $3.7 billion, up 18% from $3.2 billion in 2Q 2010, and operating EPS was 0.34, up 17% from 0.29 in 2Q 2010.
Several GE business segments showed growth, some significant, in the second quarter, which helped offset a profit decrease of 26% in the Home & Business Solutions business, to $106 million. GE's Home & Business Solutions business consists of two business segments: Appliances & Lighting and Intelligent Platforms.
Home & Business Solutions revenues in the second quarter were $2153 million, down 4% from $2250 million in 2Q 2010. Appliance revenues were down 12%, in part because of the stimulus programs that were in place during 2Q 2010. The industry as a whole, GE estimates, was down 10% in the second quarter.
For the first six months of 2011, Home & Business Solutions revenues were $4142 million, down 1% from $4190 million in the first six months of 2010.
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