GE Healthcare posts robust second-quarter profit and sales gains during the three months ended June 30.
GE Healthcare’s second-quarter revenues and profits showed continued growth during the three months ended June 30.
The medical equipment manufacturing unit of General Electric Co. (NYSE:GE) generated $4.1 billion in revenues during the quarter, a 3 percent increase over the previous year’s second quarter. Segment profit jumped 12 percent to $661 million, compared with $590 million during Q2 2009.
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Some of the segment’s recent sales growth is attributable to the sharp decline in hospital spending in early 2009.
The profits bucked the year-over-year loss trends in the company’s aviation and transportation segments. Overall the company produced revenues of $37.44 billion during the quarter, down 4 percent from $39.12 billion during the previous year’s second quarter. Total profits were $3.21 billion, or 28 cents per diluted share, up 19.0 percent compared with $2.70 billion, or 25 cents per diluted share, during Q2 2009.
Strong orders, up 17 percent during the quarter, drove the company-wide increases. Orders for the healthcare segment, which represented 11 percent of total revenues, were among “particular bright spots” that helped “hold total company orders backlog roughly flat, excluding the impact of foreign exchange,” chairman and CEO Jeff Immelt said in prepared remarks.
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The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
