General Electric Co. (GE) is reporting double-digit earnings for its Medical Systems (GEMS) division for the third quarter.
Total revenues for GEMS increased 10 percent to $2.3 billion, compared with $2.1 billion in the third quarter of 2002. Segment profit also advanced 10 percent to $383 million, up from $347 million in the year-ago quarter.
GEMS received total orders of $2.4 billion in the three-month period, up 8 percent over the third quarter of 2002. Ultrasound products led with 29 percent growth in orders to $224 million. Orders in China totaled $174 million, a gain of 18 percent over the year-ago quarter.
For the nine-month period, GEMS' revenues increased 11 percent to $6.9 billion, up from $6.2 billion in the same period of last year. Segment profit also jumped 11 percent $1.1 billion, compared with $1 billion in the year-ago period.