GE HealthcareCare Technologies posted first-quarter earnings as a public company on Monday, reaffirming its previous guidance for full-year profits just weeks after completing its spin-off from the parent company. Formerly General Electric (GE) – Get a free report.
GE HealthCare said adjusted earnings for the three months ended December, the company’s fourth fiscal quarter, were pegged at $1.31 per share, with revenue up 8% from the year. last year to $4.9 billion.
Looking to fiscal year 2023, GE Healthcare says it sees adjusted earnings between $3.60 and $3.75 per share, while reaffirming organic returns. revenue growth rate from 5% to 7% for medical devices.
“GE Healthcare delivered strong revenue growth in Q4 and full year 2022 thanks to strong end-market demand, improved pricing, and policy easing. supply chain CEO Peter Arduini said. “Revenue growth reflects our progress in offsetting delivery challenges and improving product fulfillment.”
“We are confident that our accelerated investment in innovation, as well as standardization across platforms, will drive revenue and profit growth,” he added. “We are seeing customers continue to invest alongside the macro headwinds, such as increasing digitalization of healthcare, expanding access to care and aging populations globally. “
GE HealthCare stock is marked 1% lower in pre-market trading to indicate an opening price of $69.40 per share.
GE finalized its plan to spin off the healthcare division at the end of November, with shareholders receiving one share of GE Healthcare for every three shares of the primary group they own in a series of distributions. after closing last night’s transaction.
General Electric will retain a 19.9% stake in the newly spun off healthcare group as common stock.
GE Vernova, the group’s energy and renewable energy division, will likely enter the mass market through a tax-free deal in 2024, making GE Aerospace the final piece of the company’s disbandment. corporation, trades on the NYSE under the traditional GE stock ticker.
Last week, GE posted fourth quarter earnings higher than expectedbut the full-year profit forecast is weaker as the energy business continues to drag the profits of the industrial group bottom line.
GE said it saw adjusted earnings between $1.60 and $1.80 per share, well below Refinitiv’s forecast of $2.36 per share, with organic sales growth among youth ‘moderate to high’ in percentage increase.
Operating profit for GE Aerospace, its core division, is forecast between $5.3 billion and $5.7 billion. GE Vernova, its energy business, is likely to post a loss of $200 million to $600 million.
