General Electric, citing a sluggish industrial economy,...

General Electric, citing a sluggish industrial economy, said its second-quarter profit edged up only 2% from a year earlier on a 3% revenue gain. The diversified electronics and industrial firm, based in Fairfield, Conn., said earnings at its consumer-products group were “considerably below” those of a year earlier, reflecting “severe price competition stemming from product oversupply of color-television sets and videocassette recorders.”

Westinghouse Electric reported gains in second-quarter and first-half profits on steady sales. The Pittsburgh-based manufacturer said second-quarter and first-half profits rose 11% and 10.5%, respectively. Chairman Douglas D. Danforth said second-quarter corporate operating profits increased or held steady in all groups except commercial. He said the broadcasting and cable group posted higher sales and steady sales were reported in the industries, energy and advanced-technology groups.

Raytheon reported second-quarter profit rose 10.7% on a 5.3% rise in revenue. Raytheon attributed the gains to the success of the company’s electronics business. Raytheon said that its backlog of government orders reached $4.72 billion at the end of June, 1985, compared to $3.96 billion a year ago. The company said other new orders included major contracts for military-communication and air-traffic control systems. Sales in the Beech Aircraft and major appliance divisions remained flat in the second quarter, Raytheon added.

Orion Pictures reported that net income for the first quarter ended May 31 was $2.6 million on revenue of $64.9 million. A year earlier, the company reported net income of $522,000 on revenue of $51 million. The increase in revenue and net income was attributed to the success of “Desperately Seeking Susan” and “Code of Silence.”

For detailed data and results of other companies, please see accompanying tables.