GE HealthCare beats Q3 profit estimates

GE HealthCare Technologies Inc. (GEHC) said Tuesday it had net income of $375 million, or 83 cents a share, for the third quarter, down from $487 million, or $1.07 a share, in the year-earlier period. Adjusted per-share earnings came to 99 cents, ahead of the 90 cent FactSet consensus. Revenue rose 5% to $4.8 billion to match the FactSet consensus. The company, which was spun out of General Electric Co. (GE) in January, said revenue at its imaging segment rose 5% to $2.6 billion, while ultrasound revenue fell 1% to $815 million. Patient care solutions revenue rose 9% to $764 million and pharmaceutical diagnostics revenue rose 13% to $589 million. The company raised the low end of its full-year guidance and now expects adjusted EPS of $3.75 to $3.85, versus prior guidance of $3.70 to $3.85. The stock was not yet active premarket but has gained 8% in the year to date, while the S&P 500 has gained 8.5%.

-Ciara Linnane

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10-31-23 0632ET

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