: : GE HealthCare stock rises after reporting first results after GE spinoff, with revenue rising 8% but profit slipping #FinanceUSA #StockMarketNEWS Shares of GE HealthCare GEHC rose 1.3% in premarket

@stockMarketNEWS Tue 31 Jan, 2023

: GE HealthCare stock rises after reporting first results after GE spinoff, with revenue rising 8% but profit slipping #FinanceUSA #StockMarketNEWS
Shares of GE HealthCare GEHC rose 1.3% in premarket trading Monday, reversing an earlier loss, after the medical technology and pharmaceutical diagnostics company reported its first results as a public company, with fourth-quarter profit falling from a year ago while revenue rose. The company, which completed its spinoff from General Electric Co. GE on Jan. 3, said net income slipped 1.8% to 4 million, as earning per share from continuing operations fell to .21 from .24. Excluding nonrecurring items, adjusted EPS fell to .31 from .36, while standalone adjusted EPS, which includes standalone costs, was .21. Revenue grew 7.6% to .94 billion. Cost of products and services sold rose more than revenue, up 10.2% to .01 billion, as gross margin contracted to 39.1% from 40.6%. There were no consensus estimated for quarterly results from FactSet. The company expects 2023 adjusted EPS of .60 to .75, up from 2022 standalone adjusted EPS of .38. “We’re seeing customers continue to invest along with macroeconomic tailwinds, such as increasing healthcare digitization, expanding access to care, and an aging population globally,” said GE HealthCare Chief Executive Peter Arduni. While the stock edged lower after results, it outperformed the broader stock market, as futures ES00 for the S&P 500 SPX dropped 1.0%.

Munafa USA Munafa India Munafa NSE

Report