P.M. BRIEFING : Earnings at GE Increase 16%, 3rd Year of Double-Digit Rises

General Electric Co. today reported that both its fourth-quarter and full-year earnings soared 16% to $1.17 billion and $3.94 billion respectively, due to gains in its financial services, plastics and medical systems units.

GE, one of the world’s largest industrial conglomerates, makes everything from light bulbs, appliances and aircraft engines to television programs.

“This was the third consecutive year of strong double-digit earnings increases,” Chairman John Welch said in a statement, citing improved full-year performances in GE’s core businesses.

In heavy midday trading, GE shares were unchanged at $62.875. It was the second-most-active issue on the New York Stock Exchange.

Welch said GE’s operating margin of 11.3% of sales, a company record, reflected continued productivity improvements companywide and worldwide revenue gains.

GE said its longer-cycle businesses were also very strong, with 1989 aircraft engine orders of nearly $8 billion.