GE HealthCare Lifts FY24 Adj. Earnings View; Sees Organic Revenue At Lower End Of Range - Update

(RTTNews) - GE HealthCare Technologies Inc. (GEHC), while reporting third-quarter earnings above market, on Wednesday lifted the lowerend of its fiscal 2024 earnings view. Meanwhile, the firm said its organic revenue growth for full year is trending toward the lower end of the range of 1 percent to 2 percent year-over-year, given the continued China market softness.

In pre-market activity on the Nasdaq, GE HealthCare shares were losing around 9.3 percent to trade at $74.99.

For fiscal 2024, the company now expects adjusted earnings per share in the range of $4.25 to $4.35, representing 8 percent to 11 percent growth from last year's $3.93. The previous outlook was $4.20 to $4.35.

Analysts on average expect the company to report earnings of $4.25 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Adjusted EBIT margin is now expected in the range of 15.8 percent to 16 percent, reflecting an expansion of 70 to 90 basis points from last year's 15.1 percent. The prior guidance range was 15.7 percent to 16 percent.

In its third quarter, GE HealthCare's earnings increased from last year and beat the Street estimates.

The company's earnings came in at $470 million or $1.02 per share, compared to prior year's $375 million or $0.82 per share.

Adjusted earnings were $521 million or $1.14 per share for the period. Analysts had expected the company to earn $1.05 per share.

GE HealthCare's revenue for the quarter rose 0.9 percent to $4.863 billion from $4.822 billion last year.

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