Financial News: EMC, GE Healthcare, Philips

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EMC reported a drop in net income with $283.7 million in Q3 2006, compared with $421.7 million a year earlier. Revenue, however, hit $2.82 billion compared to $2.37 billion a year ago, boosted by the company’s acquisitions of RSA Security and Network Intelligence. EMC now plans to lay off 1,250 employees by the end of 2007 — which represents 4 percent of its total workforce. To cover the costs of restructuring, EMC expects to absorb a pre-tax charge of between $150 million and $175 million in Q4. The company’s latest Q4 forecast has revenues up close to $3.16 billion, including a projected $110 million from a new security division.


GE Healthcare reported revenue of $3.8 billion in Q3 2006, compared with $3.6 billion during the same period in 2005, with overall 9 percent revenue gains for the quarter. The company also saw an 8 percent surge in orders during Q3. Of note were the company’s ultrasound system sales that saw 14 percent global growth.
 

Philips Medical Systems reported sales of $1.978 billion in Q3 2006, up from $1.92 billion during the same period in 2005. The company saw a 6 percent jump in comparable sales for the quarter, primarily driven by double-digit growth in CT and x-ray. Geographically speaking, the company says, Asia was the biggest driver of this growth.