NEW YORK (TheStreet) -- General Electric (GE) grew earnings in its appliances and lighting unit largely through layoffs and discretionary spending cuts last year, but now it's looking to energy-saving initiatives to spur growth.
|James Campbell, GE Lighting and Appliance chief|
"A lot of it was tough cost actions," says James Campbell, the unit's President and CEO, in an interview with TheStreet. "We had to make some draconian kinds of moves around head count, T&E [travel and entertainment spending] -- a lot of the traditional things a lot of other companies did. We were able to get some deflation in the marketplace and leverage that, and you know quite honestly it was a lot of blocking and tackling because our top line was down."
The appliances and lighting unit grew earnings by 10% last year, delivering $400 million in operating profits to the parent. General Electric is slated to report its first-quarter results before the opening bell on Friday.
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