Global Fastener News

GE Industrial Profit Jumps

Jason Sandefur

General Electric reported revenue from Consumer and Industrial products, including fasteners, grew 8% to $3.85 billion during the second quarter of 2006, while segment profit jumped 40% to $318 million.
Consumer and Industrial sales during the first six months of 2006 gained 8% to $7.4 billion, with earnings soaring 37% to $538 million.
The financial results were released days after GE announced the pending sale of GE Supply, which includes the former Question Technologies business now known as GE Supply Logistics, to French conglomerate Rexel Group for $725 million.
GE consolidated revenue during Q2 grew 9% to a record $39.9 billion, including organic revenue growth of 8%. Overall earnings gained 11% to $4.85 billion. Overall first half sales improved 10% to $77.7 billion, while six-month sales of industrial products rose. Net earnings grew 6% to $9.15 billion. Web: ge.com �2006 FastenerNews.com