GE HealthCare Q4 Profit Drops; Sees Growth In FY24 Adj. Earnings

(RTTNews) - GE HealthCare Technologies Inc. (GEHC), after its first year as a publicly traded company, reported Tuesday fourth-quarter net income attributable of $403 million, down from $554 million for the prior year.

Earnings per share from continuing operations were $0.88, down from $1.21 last year. Adjusted earnings per share were $1.18, compared to $1.31 a year ago.

Analysts on average expected the company to report earnings of $1.07 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Revenues of $5.2 billion increased 5 percent on both a reported and Organic basis year-over-year, driven by price and volume.

The Street was looking for revenues of $5.09 billion.

Looking ahead for fiscal 2024, the company projects adjusted earnings per share in the range of $4.20 to $4.35, representing 7 percent to 11 percent growth from $3.93 for 2023. The analysts project earnings of $4.22 per share for the year.

Organic revenue growth is expected to be approximately 4 percent year-over-year.

In pre-market activity on Nasdaq, the shares were gaining around 1.6 percent to trade at $407.20.

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