GE Healthcare Technologies Inc (NASDAQ:GEHC) shares gained more than 12% on Tuesday morning after the GE spinoff posted strong results for its first full year as a standalone company.
For 4Q, revenue grew 5% over the year-ago quarter to $5.2 billion, ahead of estimates of $5.1 billion.
Adjusted earnings per share (EPS) were down $0.13 over the previous year at $1.18 but were ahead of estimates of $1.07.
For the full year, adjusted EPS of $3.93 on revenue of $19.6 billion was ahead of the consensus expectation of EPS of $3.82 on revenue of $19.44 billion.
“After our first year as a publicly traded company, I’m pleased to announce robust fourth quarter and full year results,” GE HealthCare CEO Peter Arduini said.
“This strong financial performance is a testament to our dedicated team and successful execution of our precision care strategy. We’ve made significant strides, including investing over $1 billion in R&D for future growth, helping drive more than 40 innovations in 2023.”
For 2024, the company projected revenue growth of 4%, in line with analyst estimates, and adjusted earnings per share in the range of $4.20 to $4.35, compared to the consensus $4.24.
GE Healthcare shares were up 12.1% at about $82 late morning on Tuesday.