Why GE HealthCare Technologies Stock Just Crashed 14%
GE HealthCare Technologies (NASDAQ: GEHC), one-third of the industrial behemoth that used to be General Electric, saw its shares crater 13.7% through 1:30 p.m. ET after reporting a narrow earnings miss Tuesday.
Heading into earnings, analysts forecast GE HealthCare would earn $0.91 per share (adjusted for one-time items) on $4.8 billion in the first quarter of 2024 sales. Instead, the company reported a $0.90 per-share profit and sales of $4.6 billion.
Sales for the quarter declined 1% instead of growing as they were expected to do, which is one reason investors were disappointed. GE HealthCare also noted that its book-to-bill ratio was an anemic 1.03, implying little chance of sales ticking significantly higher in the near term.
Source Fool.com
