GE HealthCare Technologies released its first-quarter earnings as a public company on Monday, while reaffirming earlier guidance on full-year earnings just weeks after completing its spin-off from former parent General Electric. (GE) – Get a free report.
GE HealthCare said adjusted earnings for the three months ended December, the newly formed group’s fiscal fourth quarter, were pegged at $1.31 a share, with revenue up 8% from last year to $4.9k. millions.
Looking ahead to fiscal 2023, GE HealthCare said it sees adjusted earnings in the region of $3.60 to $3.75 per share, while reaffirming organic revenue growth rates of between 5% and 7% for its medical team.
“GE HealthCare delivered strong revenue growth in the fourth quarter and into full year 2022 fueled by strong end-market demand, improving pricing and easing supply chain pressures,” said the director. Executive Peter Arduini. “The revenue growth reflects our progress in offsetting delivery challenges and improving the product. compliance.”
“We are confident that our accelerated investment in innovation, as well as standardization across all platforms, will drive revenue and margin growth,” he added. “We are seeing clients continue to invest alongside macroeconomic tailwinds such as increased digitization of healthcare, expanding access to care, and an aging population globally.”
Shares of GE HealthCare were marked 1% lower in premarket trading to indicate an opening bell price of $69.40 apiece.
GE finalized plans to spin off the healthcare division at the end of November, with shareholders receiving one GE HealthCare share for every three parent group shares they own in a distribution that took place after the close of business last night.
General Electric will retain a 19.9% stake in the newly spun off healthcare group in the form of common shares.
GE Vernova, the group’s power and renewables arm, is likely to be spun off on the public markets via a tax-free deal in 2024, leaving GE Aerospace as the final piece of the group’s breakup, listed on the Stock Exchange. New York under the traditional symbol of GE.
Last week, GE posted better-than-expected fourth-quarter earnings but forecast weaker full-year earnings as its energy business continues to drag down industry group results.
GE said it sees adjusted earnings in the region of $1.60 to $1.80 per share, well above Refinitiv forecasts of a count of $2.36 per share, with organic sales growth in the ‘medium-high’ adolescents in terms of percentage gain.
Operating profit for GE Aerospace, its core division, was forecast to be in the range of $5.3 billion to $5.7 billion. GE Vernova, its power business, will probably post a loss of between $200 million and $600 million.
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