December 20, 2022 : General Electric Co.’s healthcare venture on Wednesday gave investors a review at its balance sheet just days beforehand of becoming a stand-alone public company, listing earnings of more than $13 billion in the foremost nine months of the year.
GE Healthcare is stated to trade on the Nasdaq on January 4.
GE announced plans to divide itself into three companies, including the healthcare division, in November 2021. The other two planned spinoffs are GE’s energy industry, and one concentrated on aviation.
GE Healthcare, to be named GE HealthCare Technologies Inc., said it achieved $1.309 billion in the nine months that ended in September, corresponded with earnings of $1.159 billion in the comparable period a year ago. Earnings fell to $13.4 billion from a year-earlier $17.59 billion.
GE’s council formally authorized the split in late November. The new company is scheduled to trade on the Nasdaq under the “GEHC.”
Recently in the prospectus, GE communicated it had decided to split after concluding that the spinoff is “the most appealing alternative for enhancing stockholder weight.”
Shares of GE were flat in the vast session after ending the usual trading day down 1.6%. The stock has plunged 14% this year, slightly less than the 16% descent of the S&P 500 index.