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General Electric's (GE) Unit to Supply Wind Turbine in Vietnam
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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 Vietnam. Financial terms of the contract were not disclosed.
It is worth noting here that General Electric’s share price inched down 0.1% yesterday, eventually closing the trading session at $10.64.
Inside the Headline
As noted, GE Renewable Energy will supply 8 units of 3 MW-137 wind turbines. These turbines will be used for the construction of 27.2 MW Phuoc Minh Wind Farm. Notably, this wind farm is situated in the south-central area of Vietnam and will receive construction, engineering and procurement services from a group comprising of Henste Engineering, PowerChina Huadong Engineering Corporation and IPC Group.
The Vietnam-based wind farm is expected to begin operations in the third quarter of 2021. It will strengthen the national grid’s capacity by supplying more than 100 million kWh of electricity annually.
It is worth noting here that this contract strengthened GE Renewable Energy’s existing position in Vietnam.
Recent Contracts Won by GE Renewable Energy
In December 2020, GE Renewable Energy was chosen to supply Haliade-X 14 MW wind turbine as well as provide services for the third phase of the Dogger Bank wind farm based in the U.K. In the same month, the unit received a contract to rehabilitate hydro turbines at the U.S.-based Rock Island Powerhouse 2.
Also, GE Renewable Energy received a contract to supply 94 of its 2.8-127 turbines and to provide related services at the Caddo wind farm. The other party to the transaction was ALLETE Clean Energy.
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 third quarter of 2020 increased 2.3% year over year to $4,525 million. Organically, the segment’s sales increased 4% year over year, while orders were down 18%.
Zacks Rank, Price Performance, Estimate Trend and Industry Players
General Electric currently has a market capitalization of $93.3 billion and a Zacks Rank #3 (Hold). The company is poised to benefit from its healthy liquidity position, actions to restructure portfolio and solid contract wins. However, the pandemic-led challenges are worrying.
In the past 60 days, General Electric’s bottom-line estimates for 2020 and 2021 have revised upward. Currently, the Zacks Consensus Estimate for earnings is pegged at 4 cents for 2020 and 30 cents for 2021, suggesting improvement from the respective 60-day-ago figures of loss of 4 cents and earnings of 28 cents.
In the past three months, General Electric’s share price has increased 70.7% as compared with 20.3% growth recorded by the industry.
Three companies in the same industry, 3M Company (MMM - Free Report) , Danaher Corporation (DHR - Free Report) and Honeywell International Inc. (HON - Free Report) have recorded growth of 9.1%, 3.4% and 27.5%, respectively, in the past three months.
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Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
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General Electric's (GE) Unit to Supply Wind Turbine in Vietnam
General Electric Company’s (GE - Free Report) unit, GE Renewable Energy, yesterday announced to have received a contract to supply onshore wind turbines in Vietnam. Financial terms of the contract were not disclosed.
It is worth noting here that General Electric’s share price inched down 0.1% yesterday, eventually closing the trading session at $10.64.
Inside the Headline
As noted, GE Renewable Energy will supply 8 units of 3 MW-137 wind turbines. These turbines will be used for the construction of 27.2 MW Phuoc Minh Wind Farm. Notably, this wind farm is situated in the south-central area of Vietnam and will receive construction, engineering and procurement services from a group comprising of Henste Engineering, PowerChina Huadong Engineering Corporation and IPC Group.
The Vietnam-based wind farm is expected to begin operations in the third quarter of 2021. It will strengthen the national grid’s capacity by supplying more than 100 million kWh of electricity annually.
It is worth noting here that this contract strengthened GE Renewable Energy’s existing position in Vietnam.
Recent Contracts Won by GE Renewable Energy
In December 2020, GE Renewable Energy was chosen to supply Haliade-X 14 MW wind turbine as well as provide services for the third phase of the Dogger Bank wind farm based in the U.K. In the same month, the unit received a contract to rehabilitate hydro turbines at the U.S.-based Rock Island Powerhouse 2.
Also, GE Renewable Energy received a contract to supply 94 of its 2.8-127 turbines and to provide related services at the Caddo wind farm. The other party to the transaction was ALLETE Clean Energy.
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 third quarter of 2020 increased 2.3% year over year to $4,525 million. Organically, the segment’s sales increased 4% year over year, while orders were down 18%.
Zacks Rank, Price Performance, Estimate Trend and Industry Players
General Electric currently has a market capitalization of $93.3 billion and a Zacks Rank #3 (Hold). The company is poised to benefit from its healthy liquidity position, actions to restructure portfolio and solid contract wins. However, the pandemic-led challenges are worrying.
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 upward. Currently, the Zacks Consensus Estimate for earnings is pegged at 4 cents for 2020 and 30 cents for 2021, suggesting improvement from the respective 60-day-ago figures of loss of 4 cents and earnings of 28 cents.
General Electric Company Price and Consensus
General Electric Company price-consensus-chart | General Electric Company Quote
In the past three months, General Electric’s share price has increased 70.7% as compared with 20.3% growth recorded by the industry.
Three companies in the same industry, 3M Company (MMM - Free Report) , Danaher Corporation (DHR - Free Report) and Honeywell International Inc. (HON - Free Report) have recorded growth of 9.1%, 3.4% and 27.5%, respectively, in the past three months.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>