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CSFB says GE Q4 earns disappointing (GE) 8:46am

NEW YORK (CBS.MW) -- Analyst Michael Regan at CSFB said fourth-quarter earnings from GE (GE) early Friday were disappointing, highlighting weaker-than-expected margins at the company's GE Medical unit.
"Overall while the fourth-quarter was not expected to be strong, we view the quality of these earnings as disappointing," Regan told clients in a note.
Margins at GE Medical fell 2.1 percent against CSFB's forecast of 0.8 percent and may signal weakness in the unit's base business, he said.
CSFB also calculates that an abnormally low capital tax rate added about 2 cents to the bottom line of 45 cents, which matched consensus estimates.
"While the company pointed to a 19 percent rise in fourth quarter orders and "strong momentum" going into 2004, we continue to expect essentially flat earnings for the year," said the analyst.
Merrill Lynch's John Inch said he was encouraged by an order growth rate of 19 percent, up from 11 percent a year ago. GE shares was up 50 cents at $32.50.