GE HealthCare reports mixed Q3, raises annual earnings guidance

Investing.com -- GE HealthCare (NASDAQ:GEHC) raised its annual earnings guidance and reported mixed results for the fiscal Q3 2024. The company’s shares slipped around 1% in premarket trading Wednesday.

For the third quarter, the medical technology company posted earnings per share (EPS) of $1.14, surpassing analyst expectations of $1.05. Revenue for the period totaled $4.86 billion, roughly in line with the $4.87 billion anticipated by analysts.

The company’s adjusted EBIT rose 6.9% year-over-year to $795 million, exceeding estimates of $775.3 million.

“In the third quarter, we reported sales and orders growth of 1% globally. Both sales and orders grew in the mid-single digits excluding China, with particular strength in the U.S. across all segments,” said GE HealthCare President and CEO Peter Arduini.

For fiscal year 2024, GE HealthCare has raised its EPS guidance to a range of $4.25 to $4.35, up from the previous forecast of $4.20 to $4.35, and compared to the consensus projection of $4.25.

The company also projects an adjusted EBIT margin between 15.8% and 16.0%, tightening from its prior range of 15.7% to 16.0%.

It expects organic revenue growth to trend toward the lower end of its 1% to 2% target for the year, reflecting ongoing market softness in China.