GE reported that its GE Healthcare division saw revenues grow 4% and operating profit rise 10% for the fourth quarter (end-December 31).
For the period, GE Healthcare posted sales of $5.101 billion, compared with $4.973 billion in the fourth quarter of 2015. The health division's operating profit was $1.030 billion, up 10% from profit of $938 million in the corresponding quarter of 2015.
The division's profit growth was driven by increases in volume and cost productivity, but it was partially offset by price erosion, GE reported. The company's profit as a percent of sales stood at 20.2%, up 1.3 points.
GE Healthcare reported orders of $5.4 billion, compared with $5.2 billion in orders the year before. Orders rose the most in China at 19%, followed by Latin America at 16% and Europe at 6%. Orders fell 1% in the U.S., however.
The division also reported strong year-end results. For the full period of 2016, GE Healthcare recorded revenues of $18.291 billion, up 4% from full-year revenues of $17.639 in 2015. Segment profit was $3.16 billion, up 9.6% from $2.882 billion in 2015.
