GE Corporation's Home & Business Solutions business segment had revenues of $2,091 million in the first quarter of 2012, up 5% from the first quarter of 2011. Segment profits were 66 million, down 11%. GE said revenue for its appliances business, which is part of Home & Business Solutions, was up 8% while the core industry down 10%. New product introduction spending was 24%, aimed at refreshing the product line.
GE's lighting business, which is also part of the Home & Business Solutions business segment, faced challenges in its European consumer market during the quarter.
GE Corporation as a whole reported first-quarter revenues of $35.2 billion, down 8% from the first quarter of 2011. 2012 operating earnings were $3.6 billion, up 1% from the first-quarter of 2011. Operating EPS was up 17% excluding one-time items. GAAP earnings from continuing operations attributable to GE were $3.3 billion, down 4% from the prior year quarter.
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