GE's appliance and lighting business unit, Home & Business Solutions, reported fourth quarter 2012 revenues of $2.068 billion, up 2% over the fourth quarter of 2011 on the strength of better appliance revenues.
Appliance revenues were up 6% in the quarter, more than enough to offset a 4% decrease in lighting revenues. Segment profit was $115 million, about twice the profits from 4Q 2011.
GE's intelligent platforms results are now reported as a part of its Energy Management business instead of Home & Business Solutions..
"We did see some strength in the contract channel from new housing starts and segment profit of $115 million was more than double last year's fourth quarter, driven by higher pricing and lower product costs," said Keith Sherin, General Electric Company vice chairman and CFO, speaking in a conference call upon the release of the results.
General Electric Company as a whole had 4Q 2012 operating earnings of $4.7 billion, up 13% from 4Q 2011. GAAP earnings from continuing operations were $4.3 billion, up 9%. Revenues were $39.3 billion for the quarter, up 4%, and were $147.4 billion for the year.
"We ended the year with a strong quarter despite the mixed global economic environment," said GE Chairman and CEO Jeff Immelt. "The outlook for developed markets remains uncertain, but we are seeing growth in China and the resource rich countries. With our largest backlog in history and a substantial amount of cash generated by our businesses in the fourth quarter, we have great momentum going into 2013."
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