GE Announces Record Earnings
FAIRFIELD, Conn.
General Electric, the parent company of GE Security, says it reached record earnings in 2003 as it released its fourth quarter and final year earnings reports. The GE division that included electronic security finished 2003 with a 6-percent increase in earnings.
GE had earnings of $15.6 billion in 2003, with eight of its 13 businesses registering double-digit growth for the year. Industrial Products and Systems, which included what was then GE Interlogix, earned $631 million after net revenues of $8.4 billion. GE Interlogix has changed its name to GE Security and recently became part of the new GE Infrastructure division after the company consolidated its 13 businesses into 11.
In the fourth quarter, GE earned $5.9 billion – a 61-percent increase over the same quarter in 2002. However, Industrial Products and Systems operated for a loss in the fourth quarter of 2003. Its earnings of $159 million were a 3-percent loss from the 2002 fourth quarter.
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