GE HealthCare shares rise after first results after GE spinoff, with revenue up 8% but profit falling
Shares of GE Healthcare
GEHC,
rose 1.3% in premarket trading on Monday, reversing earlier losses, after the medical technology and pharmaceutical diagnostics company reported its first results as a representative. them, with fourth-quarter profits falling from a year ago while revenue increased. The company, completed its spinoff from General Electric Co.
rich man,
3, said net income fell 1.8% to $554 million, as earnings per share from continuing operations fell to $1.21 from $1.24. Excluding nonrecurring items, adjusted EPS fell to $1.31 from $1.36, while independently adjusted EPS, including independent expenses, was $1.21. Revenue rose 7.6% to $4.94 billion. Cost of products and services sold outstripped revenue, up 10.2% to $3.01 billion as gross margin fell to 39.1% from 40.6%. There is no uniform estimate of quarterly results from FactSet. The company expects 2023 adjusted EPS of $3.60 to $3.75, up from a 2022 independently adjusted EPS of $3.38. GE HealthCare CEO Peter Arduni said: “We see customers continue to invest alongside macroeconomic trends, such as increased digitalization of healthcare, expansion, and expansion. access to care and aging populations globally”. Although a stock declines in price after results, it outperforms the broader stock market, like futures
ES00,
for S&P 500
SPX,
down 1.0%.