GE earnings up 6.5% in 1992General Electric Co. said its...

BUSINESS DIGEST

January 21, 1993

GE earnings up 6.5% in 1992

General Electric Co. said its profits rose 6 percent in the fourth quarter and 6.5 percent for the year, led by strong performances in its financial services, power systems and medical systems units. The results, however, were not as strong some analysts had expected they would be.

GE said its fourth-quarter earnings were $1.34 billion, or $1.57 a share, up from $1.26 billion, or $1.46 a share, for the fourth quarter of 1991.

Tenneco chief has brain tumor

Tenneco Inc.'s chairman and chief executive officer, Michael Walsh, 50, revealed yesterday that he has a brain tumor but said the cancer is treatable and he plans to remain at the helm of the diversified energy and equipment company.

AMR suffers record loss in 1992

The parent of American Airlines said it lost $200 million in the fourth quarter, boosting its full-year deficit to a record $935 million. AMR Corp.'s 1992 loss surpassed its previous largest deficit of $240 million, recorded in 1991. But a large chunk of the latest loss stems from one-time charges.

Genentech's '92 profits fall 53%

Genentech Inc., a leading biotechnology company, said yesterday that research and development spending slashed 1992 earnings by 53 percent and held its fourth-quarter net to $6.2 million.

Lilly takes 4th-quarter charge

Eli Lilly & Co. said it would take a special fourth-quarter charge to cover expected losses from Centocor Inc.'s withdrawal of Centocor's drug to treat sepsis.

Lilly, which has invested $100 million in Malvern, Pa.-based Centocor, said the charge would reduce after-tax earnings by between 9 cents and 11 cents a share.

U.S. accuses steel importers

The U.S. Commerce Department announced yesterday a final determination that imports of specially made steel bar and rod products from Brazil, France, Germany and Britain were being subsidized by their governments and dumped on the U.S. market. The decision affects $89.8 million worth of imports.

Oncor gets OK to sell cancer test

Oncor Inc. said yesterday it received approval to sell a genetic diagnostic test for leukemia and lymphoma. The U.S. Food and Drug Administration gave the Gaithersburg company approval to market its test for use on bone marrow cells, in addition to using blood samples, which is the current method. Oncor estimates the product is worth $10 million a year in revenues.

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