Important points
GE Healthcare (GEHC) reported better-than-expected profits in the third quarter as sales broadly met expectations.
The medical technology maker said Wednesday that its revenue for the quarter was $4.86 billion, up slightly from $4.82 billion a year earlier and roughly in line with analysts' expectations for $4.87 billion. Announced.
GE Healthcare also reported net income of $470 million, up 25% year over year and beating analysts' expectations of $441.8 million, according to estimates compiled by Visible Alpha.
The company's performance was similar to last quarter, with profits exceeding expectations, but revenue was roughly flat. GE Healthcare said at the time that China's macroeconomic downturn was having a negative impact on sales.
For the third quarter, the company said strong sales in the U.S. and Pharmaceutical Diagnostics, where sales rose 6% year over year, were offset by “continued market weakness” in China. .
Faced with headwinds from China, the company said it is trending toward the lower end of its full-year sales growth forecast of 1% to 2%. GE Healthcare also raised the lower end of its profit forecast range after Chief Executive Officer Peter Arduini said the company's “continued lean efforts” were improving margins.
GE Healthcare stock rose 1.1% to $86.20 Wednesday morning.
