General Electric Company (GE) reported first quarter 2014 revenues for its Appliances & Lighting business of $1,857 million, down 3% from $1,917 million in the first quarter of 2013.
GE Appliances & Lighting had first-quarter 2014 profits of $53 million, down 33% from $79 million in the first quarter of 2013.
Operating profit for Appliances & Lighting was 2.9%, down 1.2 points from a year ago. Margins were down 120 basis points on lower volume & productivity
GE said the Appliances segment of the business faced weather-related pressures in the first quarter and had a 3% drop in revenues.
The Lighting segment of the business had a 4% decrease in revenues, with traditional channels down 9% while LED lighting was up 33%.
GE reported first-quarter 2014 operating earnings for the company overall of $3.3 billion. GAAP earnings from continuing operations were $3.0 billion. Revenues were $34.2 billion for the quarter, down 2% from the year-ago period.
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