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GE HealthCare Shares Rise 2% Following Q2 Earnings Beat
Jul 31, 2024 9:39 PM - Davit Kirakosyan(Last modified: Aug 1, 2024 3:35 AM)
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GE HealthCare (NASDAQ:GEHC) shares rose more than 2% on Wednesday after the company reported stronger-than-expected second-quarter earnings, but reduced full-year outlook, primarily impacted by challenges in the Chinese market.
The medical technology company posted adjusted earnings per share (EPS) of $1.00, exceeding Street expectations by $0.02. However, revenue was slightly below the anticipated $4.87 billion, coming in at $4.84 billion.
The revenue shortfall was attributed to difficulties in China, a significant market for GE HealthCare's medical equipment. Consequently, the company has revised its full-year organic revenue growth forecast from around 4% to a range of 1% to 2%.
Despite the setbacks in China, GE HealthCare saw positive developments in other areas, including robust order growth in the United States and margin expansion.
CEO Peter Arduini expressed satisfaction with the company's progress, highlighting year-over-year sales growth and margin improvements despite the challenges in China.
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