GE Consumer & Industrial manufactures and sells home appliances and lighting products in the United States and Canada. Its home appliances include refrigerators, freezers, ranges, dishwashers, washing machines, dryers, microwave ovens, speed cooking ovens, and room air conditioners, as well as water filtration, softening, and heating systems. The company’s lighting products include incandescent, halogen, fluorescent, and high intensity discharge light bulbs; and light-emitting diodes, automotive, and miniature lightings, as well as ConstantColor HIR MR16 lamps. It also provides electric motors and generators. In addition, the company offers electrical distribution and control solutions, such...
Louisville, KY 40225
Founded in 2004
GE Consumer & Industrial Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012
Nov 8 12
GE Consumer & Industrial announced unaudited earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company reported revenue of $3,911 million against $4,028 million a year ago. Profit was $749 million against $803 million a year ago. Revenues decreased 3% and net earnings decreased 7%. Revenues decreased as a result of the stronger U.S. dollar ($0.2 billion), partially offset by organic revenue growth ($0.1 billion). The decrease in net earnings resulted primarily from core decreases ($0.1 billion), which included higher provisions for losses on financial receivables ($0.1 billion) reflecting the use of a more granular portfolio segmentation approach, by loss type, in determining the incurred loss period in U.S. Installment and Revolving Credit portfolio.
For the nine months, the company reported revenue of $11,600 million against $13,023 million a year ago. Profit was $2,485 million against $3,086 million a year ago. Revenues decreased 11% and net earnings decreased 19%. Revenues included $0.1 billion from acquisitions and were reduced by $0.1 billion as a result of dispositions. Revenues also decreased as a result of the absence of the 2011 Garanti gain ($0.7 billion), the stronger U.S. dollar ($0.4 billion) and organic revenue declines ($0.3 billion). The decrease in net earnings resulted primarily from the absence of the 2011 Garanti gain and operations ($0.4 billion), core decreases ($0.1 billion), which included higher provisions for losses on financing receivables, and dispositions ($0.1 billion).