GE Healthcare felt the effects of the U.S. and global recession in its fourth-quarter and year-end 2008 results (end-December 31).
Revenues in the fourth quarter declined 3% to $4.82 billion, compared with $4.99 billion in the fourth quarter of 2007. Profit slipped 9% to $942 million, down from $1.03 billion in the same quarter of 2007.
For the year, revenues increased 2% to $17.32 billion, compared with $16.99 billion in 2007. At the same time, profit fell 7% to $2.85 billion, compared with $3.05 billion in 2007.
In announcing the financial results, GE chairman and CEO Jeff Immelt said GE Healthcare's parent company expects 2009 to be extremely difficult, but GE has taken "strong actions to prepare the company."
GE Healthcare recently announced plans to consolidate its operations in Wisconsin and reduce its total workforce.
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GE launches PQRI initiative, upgrades Centricity Business, December 22, 2008
GE, Deep Breeze debut lung imaging system, December 15, 2008
GE, Orbotech dispute goes to arbitration, December 9, 2008
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