GE HealthCare Q4 Profit Declines

RTTNews | 738 days ago

(RTTNews) - Precision care innovator GE HealthCare Technologies, Inc. (GEHC), recently spun-off from General Electric Co. (GE), reported on Monday that profit for the fourth quarter declined from last year, reflecting higher interest and other financial charges. The company also initiated adjusted earnings guidance for the full-year 2023.

GE HealthCare President and CEO Peter Arduini said, "GE HealthCare delivered strong revenue growth in the fourth quarter and full year 2022 driven by robust end market demand, improved pricing, and easing supply chain pressures."

For the fourth quarter, net income attributable to GE HealthCare declined to $554 million or $1.21 per share from $564 million or $1.24 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $1.31 per share, compared to $1.36 per share in the year-ago quarter.

Standalone adjusted earnings per share were $1.06, which includes the impact of standalone costs, interest, and tax.

Total revenues for the quarter increased 8 percent to $4.94 billion from $4.59 billion in the same quarter last year, primarily driven by growth in Imaging, Patient Care Solutions (PCS), and Ultrasound.

Organic revenues were up 13 percent to $5.16 billion, with acquisitions favorably impacting total revenue growth by 1 percent and foreign exchange negatively impacting growth by 6 percent.

Imaging segment revenues grew 11 percent to $2.71 billion, Ultrasound segment revenues improved 6 percent to $956 million and Patient Care Solutions segment revenues were up 7 percent to $786 million, while Pharmaceuticals Diagnostics segment revenues declined 5 percent to $473 million from last year.

Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range of $3.60 to $3.75 per share on organic revenue growth of 5 to 7 percent.

"Looking ahead, we're confident that our accelerated investment in innovation, as well as standardization across platforms, will drive revenue and margin growth," added Arduini.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Tags: GEHC

GE HealthCare Gets 510(k) Clearance From FDA For Portrait Mobile Monitoring Solution

GE HealthCare (GEHC) announced Monday it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its Portrait Mobile wireless and wearable monitoring solution.

RTTNews | 542 days ago

GE HealthCare Q4 Preliminary Revenue Up About 7% To About $4.9 Bln

Providing preliminary unaudited revenue results for the fourth quarter and full year 2022 on Tuesday, GE HealthCare Technologies Inc. (GEHC), recently spun-off from General Electric Co. (GE), said revenue for the fourth quarter grew about 7 percent to about $4.9 billion from last year. Organic revenue growth was approximately 12 percent.

RTTNews | 758 days ago

U.S. Weekly Jobless Claims Rise More Than Expected To 219,000

A day ahead of the release of the more closely watched monthly jobs report, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits rose by more than expected in the week ended February 1st. The report said initial jobless claims climbed to 219,000, an increase of 11,000 from the previous week's revised level of 208,000.

RTTNews | 6h 50min ago

U.S. Labor Productivity Growth Slows More Than Expected In Q4

A report released by the Labor Department on Thursday showed U.S. labor productivity and unit labor costs both increased by less than expected in the fourth quarter of 2024. The Labor Department said labor productivity climbed by 1.2 percent in the fourth quarter after surging by an upwardly revised 2.3 percent in the third quarter.

RTTNews | 7h 40min ago

US Employers Cut 28% More Jobs In January: Challenger Report

Employers in the U.S. slashed more jobs in January compared to December, but the figure was the lowest recorded for the month in three years, the latest monthly report from the global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc showed on Thursday.

RTTNews | 8h 15min ago

Bank Of England Cuts Rate By 25 Bps, Sees Modest Growth In Q1

The Bank of England lowered its key interest rate by a quarter-point as widely expected on Thursday but two policymakers sought a bigger reduction citing the sluggish U.K. economy and the heightening uncertainty over trade tariffs. The Monetary Policy Committee, led by Governor Andrew Bailey, voted 7-2 to reduce the benchmark bank rate to 4.50 percent from 4.75 percent.

RTTNews | 8h 18min ago

Societe Generale Q4 Profit Surges, Sees Growth In FY25; Plans Dividend, Buyback; Stock Up

Shares of Societe Generale were gaining around 12 percent in the mid-day trading on the Paris Stock Exchange after the French banking major reported Thursday significantly higher profit in its fourth quarter, driven by increased banking income. The company also announced dividend and share buyback. For fiscal 2025, the company projects revenue growth of more than 3 percent from last year...

RTTNews | 8h 48min ago

U.S. Labor Productivity, Unit Labor Costs Jump Less Than Expected In Q4

A report released by the Labor Department on Thursday showed U.S. labor productivity and unit labor costs both increased by less than expected in the fourth quarter of 2024.

RTTNews | 9h 15min ago

EURUSD	1.03778	GBPUSD	1.24404	AUDUSD	0.6284
USDJPY	151.87	USDCAD	1.43101	USDCHF	0.90504