GE Healthcare (NYSE:GE) eked out a small profit increase in the 1st quarter despite essentially flat sales, as its corporate parent reported a 16% profit rise for the 3 months ended March 31.
GE Healthcare posted Q1 profits of $595 million on sales of $4.29 billion, up 1.7% and down 0.3%, respectively, compared with Q1 2012.
General Electric’s overall profits were $3.53 billion, or 34¢ per share, on sales of $35.01 billion for the quarter. That’s a bottom-line gain of 16.2% on a 0.2% sales decline.
Adjusted to exclude 1-time items, earnings per share were 39¢, ahead of Wall Street’s anticipated adjusted EPS of 35¢.
"Despite the challenging macro environment, GE is well-positioned for stronger performance for the remainder of the year and we are executing on our strategic priorities. We are using our complete and early exit from media to increase investment in our core industrial businesses, through accelerated restructuring, investment in technology, and investment in our global capabilities. We expect our cost-out efforts will mitigate weakness in specific markets, and we have a very strong cash position. Our overall framework for the year remains unchanged," chairman & CEO Jeff Immelt said in prepared remarks.
GE shares were trading at $21.41 apiece as of about 3:45 p.m. today, down 1.6%. Share prices are down 6.6% since the April 19 earnings announcement.