Shares of GE HealthCare rose after the release of the first results after the spin-off of GE, with revenue up 8% but earnings falling.

Shares of GE HealthCare GEHC,

rose 1.3% in pre-market trading on Monday, offsetting an earlier loss after the medical technology and pharmaceutical diagnostics company reported its first results as a public company, with fourth-quarter earnings down year-over-year and revenue increased. The company that completed the spin-off from General Electric Co. ge,
+2.58%
On Jan. 3, quoted net income fell 1.8% to $554 million as earnings per share from continuing operations fell to $1.21 from $1.24. Excluding one-time items, adjusted earnings per share fell to $1.31 from $1.36, while separate adjusted earnings per share, which includes certain costs, was $1.21. Revenue rose 7.6% to $4.94 billion. Cost of sales of products and services rose more than revenue by 10.2% to $3.01 billion, while gross margin decreased to 39.1% from 40.6%. There was no consensus on FactSet’s quarterly results. The company expects adjusted EPS in 2023 to be between $3.60 and $3.75 compared to 2022 adjusted EPS per share alone of $3.38. “We see customers continue to invest along with macro-economic tailwinds such as the digitalization of healthcare, expanding access to healthcare and an aging population worldwide,” said GE HealthCare CEO Peter Arduni. While stocks declined after the results, they outperformed the broader stock market as ES00 futures,
-0.89%
for S&P 500 SPX,
+0.25%
fell 1.0%.

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