GE Q4 Earnings Plummet
January 20
00:00
2003
GE Q4 Earnings Plummet
John Wolz
General Electric Co. earnings fell 21% to $3.1 billion in the fourth quarter of 2002, despite revenue rising nearly 4% to $35.4 billion.
During 2002 GE acquired fastener distributor Questron Technologies and renamed it GE Supply Logistics.
Sales and profits were up for the year. Revenue rose 4.4% to $131.7 billion and earnings were up 2.8% to $14.1 billion.
CEO Jeff Immelt said GE “delivered solid results in a very challenging economy.”
Underwriting in previous years by GE�s Employer Reinsurance Co. was blamed for hurting Q4 profits. �2003 FastenerNews.com
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