GE Healthcare (NYSE:GE) posted single-digit profit growth last year driven by a strong 4th quarter that saw earnings top the $1 billion mark.
The Waukesha, Wis.-based division of industrial conglomerate General Electric posted 2012 profits of $2.92 billion on sales of $18.29 billion, up 1.1% and 4.2%, respectively, compared with 2011.
More than a 3rd of those profits – $1.02 billion – came during the 4th quarter, on sales of $5.18 billion, for increases of 7.1% and 0.4%, respectively.
CFO Keith Sherin told analysts during a conference call that emerging markets posted 24% growth for GE Healthcare last year, compared with a decrease of 8% in Europe and an increase of 8% in the U.S.
"The Middle East was up over 100%. Russia was up 29%, China up 22%, Latin America up 21%, partially offset by India, down 12%," Sherin said. "By modality, CT was up 23%, MR was up 12%, ultrasound was up 11%, electro-imaging was down 8%, life sciences was up 5%, and [diagnostics] was down 3%."
Overall, GE posted 2012 profits of $13.64 billion, or $1.29 per share, on sales of $147.36 billion during 2012. Fourth-quarter profits were $4.01 billion, or 38¢ per share, on sales of $39.33 billion.
"We ended the year with a strong quarter despite the mixed global economic environment," chairman & CEO Jeff Immelt said in prepared remarks. "The outlook for developed markets remains uncertain, but we are seeing growth in China and the resource rich countries. With our largest backlog in history and a substantial amount of cash generated by our businesses in the fourth quarter, we have great momentum going into 2013."