General Electric Co. credited a 21 percent increase in fourth-quarter orders for continued growth in its Medical Systems business unit.
GE Medical Systems' (GEMS) total orders reached $3.5 billion in the fourth quarter, with positron emission tomography (PET) business gaining 62 percent and ultrasound orders advancing 9 percent over the fourth quarter of 2002. Global services orders rose 11 percent to $1.4 billion in the fourth quarter, as GE reported "strong growth in core services in Europe and Asia."
GEMS' total revenues for all of 2003 increased 14 percent to $10.1 billion, compared with $8.9 billion in 2002. Segment profit jumped 10 percent to $1.7 billion, up from $1.5 billion in 2002.
As a company, GE's total revenues increased 1 percent in 2003 to $134.2 billion, compared with $132.2 billion in 2002. Net earnings rose 6 percent to $15 billion, compared with $14.1 billion in 2002.