GE plans to sell off its entire consumer and industrial unit, including its appliances business, which has been up for sale since May 2008.

As expected by industry analysts, General Electric (NYSE: GE) today reported less than stellar second quarter earnings.

Profit was down 6 percent from the same quarter in 2007, although overall revenue increased from $42.38 billion in 2007 to $46.89 billion. The news followed GE's July 10 announcement that it plans to spin off its entire consumer and industrial business instead of only its appliance division, which the company has been trying to sell since May 2008.

The Fairfield, Conn.-based conglomerate also announced the sale of its Japanese consumer finance unit to Japan’s Shinsei Bank, a deal that is set to close next quarter.

In a conference call this morning, GE CEO Jeff Immelt said the Japanese sale will free up resources to be deployed elsewhere in the company, while selling off the consumer and industrial unit, including GE's lighting and appliance businesses, will be a "primary solution" to the company's current financial woes. Immelt added that he has not ruled out the possibility of selling the appliances unit separately.

"Some people might still make some great offers for (GE) Appliances," Immelt said, adding that the company still has "a multitude of options" for the Consumer and Industrial unit.