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GE Aerospace (GE) - free report >>
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GE Aerospace (GE) - free report >>
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General Electric (GE) Clinches Power Services Contract in Oman
General Electric Company’s (GE - Free Report) business unit GE Gas Power recently announced that it secured a 10-year deal from Sohar Aluminium to deliver parts and provide repairs and maintenance service for four GT13E2 gas turbines and four generators located at the latter’s site in the Sultanate of Oman. Financial terms of the deal were not disclosed by the parties involved.
The four units are capable of generating up to 96 megawatts (MW) of electricity. The electricity produced is used to power the smelter of Sohar Aluminium. Services offered by GE will likely make the units more reliable and ensure easy availability of the gas turbines. Also, the operational risk will be nominal to augment the smelter’s productivity.
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Additionally, for the term of the contract, GE Digital will provide its Asset Performance Management (APM) software to Sohar Aluminium.
Zacks Rank & Stocks to Consider
GE currently carries a Zacks Rank #3 (Hold). Some better-ranked companies from the conglomerates sector are discussed below.
Carlisle Companies (CSL - Free Report) sports a Zacks Rank #1 (Strong Buy), currently. CSL pulled off a trailing four-quarter earnings surprise of 28%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
In the past 60 days, Carlisle’s earnings estimates have increased 14.6% for 2022. The stock has rallied 30.5% in the past six months.
Griffon Corporation (GFF - Free Report) has a Zacks Rank #2 (Buy) at present. GFF delivered a trailing four-quarter earnings surprise of 104.6%, on average.
In the past 60 days, Griffon’s earnings estimates have increased 3% for fiscal 2022 (ending September 2022). The stock has soared 44.1% in the past six months.