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GE 4Q net brighter
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January 20, 1999: 9:38 a.m. ET
Diversified giant posts 14% earnings gain, tops $100B in annual revenue
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NEW YORK (CNNfn) - General Electric, whose 1998 sales topped $100 billion for the first time, says earnings for the final three months of the year grew by 14 percent.
The diversified giant says fourth-quarter earnings rose to $2.67 billion, or 80 cents a diluted share, from $2.35 billion, or 70 cents a share, a year earlier. The earnings were in line with the consensus of analysts' estimates compiled by First Call.
Revenue for the quarter grew 7 percent to $28.6 billion.
The company says 1998 net rose 13 percent to $9.30 billion from $8.20 billion in 1997. Earnings per diluted share rose 14 percent to $2.80 from $2.46 a year earlier.
The company credits a quality improvement program, increased globalization, and more than 100 acquisitions for its earnings and revenue growth in 1998.
"In addition to achieving record results in the fourth quarter, GE businesses continued to position themselves for continued future growth," Chairman John Welch said.
General Electric (GE) stock closed Tuesday at 101-7/16, up 11/16. 
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General Electric
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