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General Electric's (GE) Unit Receives Wind Turbine Contract
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General Electric Company’s (GE - Free Report) unit, GE Renewable Energy, yesterday announced to have received a contract to supply onshore wind turbines in Morocco. Notably, the contract has been extended by EDF RE and Mitsui & Co., Ltd (MITSY - Free Report) . Financial terms of the contract were not disclosed by the parties involved.
It is worth noting here that General Electric’s share price increased 3.4% on Sep 14, eventually closing the trading session at $6.15.
Mitsui & Co. has operations in various fields, including chemicals, iron & steel products, energy, food & retail management, mineral & metal resources, and others. The company is based in Tokyo, Japan, and has 132 offices in as many as 65 countries.
On the other hand, EDF RE’s solutions can help create renewable energy facilities from brownfields, environmentally sensitive sites, wastewater treatment plants and others. Its solutions are used in government, utilities, education & non-profits, municipalities & cooperatives, and others end markets.
Inside the Headlines
As noted, GE Renewable Energy will supply 27 units of 3.2-85 onshore wind turbines to the Taza onshore wind farm. With the help of the turbines, the wind farm will be able to generate energy equivalent to the requirements of 350,000 homes.
The 87MW Taza onshore wind farm is expected to begin operations in 2022. It will strengthen Morocco’s efforts to build up its renewable energy capacity.
It is worth noting here that this contract strengthened GE Renewable Energy’s existing position in Morocco — having supplied equipment at the 200 MW Akhfenir wind farm.
Recent Contracts Won by GE Renewable Energy
In September 2020, GE Renewable Energy received a contract to supply 30 of its advanced Cypress turbines at PÜSPÖK Group’s two wind farm facilities based in the Burgenland region. In the same month, GE Renewable Energy received two 30 MW deals for the delivery of an overall 12 units of its 5MW-158 Cypress wind turbines. This will support the construction of the Quoc Vinh Soc Trang and Lac Hoa Soc Trang wind farms in the Mekong Delta, Vietnam.
In August 2020, GE Renewable Energy received a contract from Wykes to provide a 25MW multiple hour duration Energy Storage Systems, which will be integrated with the latter’s Solar PV plant in the U.K. Also, the same month, GE Renewable Energy entered an agreement with Walcha Energy for the development of New South Wales, Australia-based Dungowan pumped hydro storage power plant. In addition, it received a contract to construct and operate Victoria, Australia-based Murra Warra II wind farm. As noted, it will provide 38 of its 5.5-158 wind turbines to the Australian wind farm.
Renewable Energy provides offshore wind turbines, high-voltage equipment, blades for wind turbines (onshore and offshore), and other products and services. Its revenues in the second quarter of 2020 decreased 3% year over year to $3,505 million. Organically, the segment’s sales increased 1% year over year, while orders were down 17% as orders of grids and onshore turbines were adversely impacted by the pandemic.
Zacks Rank, Price Performance, Estimate Trend and Industry Players
General Electric currently has a market capitalization of $52.1 billion and a Zacks Rank #4 (Sell). The company is facing headwinds in its Healthcare, Power and Aviation segments in the pandemic-stricken environment. However, measures to deal with the pandemic-related problems, restructuring actions and healthy liquidity might be helpful.
In the past 60 days, General Electric’s bottom-line estimates for 2020 and 2021 have revised downward. Currently, the Zacks Consensus Estimate is pegged at a loss of 8 cents for 2020 and earnings of 29 cents, reflecting declines from the respective 60-day ago figures of earnings of 4 cents and earnings of 36 cents.
The company’s share price has decreased 17.6% in the past three months compared with 7.3% growth recorded by the industry.
Two companies in the same industry, 3M Company (MMM - Free Report) and Honeywell International Inc. (HON - Free Report) have recorded growth of 5.6% and 13%, respectively, in the past three months.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
Image: Bigstock
General Electric's (GE) Unit Receives Wind Turbine Contract
General Electric Company’s (GE - Free Report) unit, GE Renewable Energy, yesterday announced to have received a contract to supply onshore wind turbines in Morocco. Notably, the contract has been extended by EDF RE and Mitsui & Co., Ltd (MITSY - Free Report) . Financial terms of the contract were not disclosed by the parties involved.
It is worth noting here that General Electric’s share price increased 3.4% on Sep 14, eventually closing the trading session at $6.15.
Mitsui & Co. has operations in various fields, including chemicals, iron & steel products, energy, food & retail management, mineral & metal resources, and others. The company is based in Tokyo, Japan, and has 132 offices in as many as 65 countries.
On the other hand, EDF RE’s solutions can help create renewable energy facilities from brownfields, environmentally sensitive sites, wastewater treatment plants and others. Its solutions are used in government, utilities, education & non-profits, municipalities & cooperatives, and others end markets.
Inside the Headlines
As noted, GE Renewable Energy will supply 27 units of 3.2-85 onshore wind turbines to the Taza onshore wind farm. With the help of the turbines, the wind farm will be able to generate energy equivalent to the requirements of 350,000 homes.
The 87MW Taza onshore wind farm is expected to begin operations in 2022. It will strengthen Morocco’s efforts to build up its renewable energy capacity.
It is worth noting here that this contract strengthened GE Renewable Energy’s existing position in Morocco — having supplied equipment at the 200 MW Akhfenir wind farm.
Recent Contracts Won by GE Renewable Energy
In September 2020, GE Renewable Energy received a contract to supply 30 of its advanced Cypress turbines at PÜSPÖK Group’s two wind farm facilities based in the Burgenland region. In the same month, GE Renewable Energy received two 30 MW deals for the delivery of an overall 12 units of its 5MW-158 Cypress wind turbines. This will support the construction of the Quoc Vinh Soc Trang and Lac Hoa Soc Trang wind farms in the Mekong Delta, Vietnam.
In August 2020, GE Renewable Energy received a contract from Wykes to provide a 25MW multiple hour duration Energy Storage Systems, which will be integrated with the latter’s Solar PV plant in the U.K. Also, the same month, GE Renewable Energy entered an agreement with Walcha Energy for the development of New South Wales, Australia-based Dungowan pumped hydro storage power plant. In addition, it received a contract to construct and operate Victoria, Australia-based Murra Warra II wind farm. As noted, it will provide 38 of its 5.5-158 wind turbines to the Australian wind farm.
Renewable Energy provides offshore wind turbines, high-voltage equipment, blades for wind turbines (onshore and offshore), and other products and services. Its revenues in the second quarter of 2020 decreased 3% year over year to $3,505 million. Organically, the segment’s sales increased 1% year over year, while orders were down 17% as orders of grids and onshore turbines were adversely impacted by the pandemic.
Zacks Rank, Price Performance, Estimate Trend and Industry Players
General Electric currently has a market capitalization of $52.1 billion and a Zacks Rank #4 (Sell). The company is facing headwinds in its Healthcare, Power and Aviation segments in the pandemic-stricken environment. However, measures to deal with the pandemic-related problems, restructuring actions and healthy liquidity might be helpful.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 60 days, General Electric’s bottom-line estimates for 2020 and 2021 have revised downward. Currently, the Zacks Consensus Estimate is pegged at a loss of 8 cents for 2020 and earnings of 29 cents, reflecting declines from the respective 60-day ago figures of earnings of 4 cents and earnings of 36 cents.
General Electric Company Price and Consensus
General Electric Company price-consensus-chart | General Electric Company Quote
The company’s share price has decreased 17.6% in the past three months compared with 7.3% growth recorded by the industry.
Two companies in the same industry, 3M Company (MMM - Free Report) and Honeywell International Inc. (HON - Free Report) have recorded growth of 5.6% and 13%, respectively, in the past three months.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>