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General Electric (GE) Clinches Propulsion Technology Deal in UK
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General Electric Company’s (GE - Free Report) unit, GE Vernova’s Power Conversion business, recently secured a contract from Team Resolute to provide advanced hybrid propulsion technology for three Fleet Solid Support (“FSS”) ships. This partnership will support the U.K. Ministry of Defence’s (“MOD”) objective of strengthening the effectiveness and sustainability of its naval operations.
Team Resolute, a consortium comprised of Navantia, BMT and Harland & Wolff, was created to support the £1.6 billion FSS project that aims to deliver three Royal Fleet Auxiliary ships for the U.K. MOD. Under the project, ships under construction will be endowed with advanced energy-efficient technologies to minimize power consumption. This will enable the ships to lower carbon emissions by using low-carbon and sustainable energy sources.
As noted, GE Vernova’s hybrid-electric propulsion technology fits as the perfect solution for the U.K.’s new ship class to meet these objectives. This cutting-edge technology will enable the ships to improve energy efficiency and optimize power utilization, thereby supporting their multirole missions.
Per the contract, GE Vernova will be responsible for designing and manufacturing SeaPulse Active Front-End power converters and Power Take-Off/Power Take-In hybrid electric induction motor generators for the FSS ships. The deal will also involve GE providing commissioning, testing, sea trials and integrated logistics support services that would facilitate the integration process of the hybrid propulsion technology into the ships.
GE Vernova expects to deliver the electric propulsion equipment for the first FSS ship in 2025, with the second and third ships scheduled in 2026 and 2027.
Zacks Rank and Price Performance
General Electric currently carries a Zacks Rank #3 (Hold). The company has been benefiting from the strong performance of the Aerospace segment due to robust demand and the solid execution of commercial engines and services. After months of softness, a rebound in demand in the Power segment also augurs well for General Electric.
Image Source: Zacks Investment Research
In the past year, the stock rose 65.1% against the industry’s decline of 4.2%.
However, despite improvements, supply chain challenges, such as the availability of raw materials and labor shortages, especially in the defense market, continue to weigh on its operations.
Stocks to Consider
Some better-ranked companies from the same space are discussed below:
It has a trailing four-quarter average earnings surprise of 28.6%. The Zacks Consensus Estimate for GFF’s fiscal 2024 earnings has increased 13% in the past 60 days. Shares of Griffon have gained 50.5% in the past year.
ITT Inc. (ITT - Free Report) currently carries a Zacks Rank #2 (Buy). ITT delivered a trailing four-quarter average earnings surprise of 8%.
In the past 60 days, the Zacks Consensus Estimate for ITT’s 2023 earnings has increased 0.2%. The stock has risen 40.5% in the past year.
Parker-Hannifin Corporation (PH - Free Report) currently carries a Zacks Rank #2. It delivered a trailing four-quarter average earnings surprise of 11.8%.
In the past 60 days, the consensus estimate for PH’s fiscal 2024 earnings has improved by 0.4%. The stock has risen 53.1% in the past year.
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General Electric (GE) Clinches Propulsion Technology Deal in UK
General Electric Company’s (GE - Free Report) unit, GE Vernova’s Power Conversion business, recently secured a contract from Team Resolute to provide advanced hybrid propulsion technology for three Fleet Solid Support (“FSS”) ships. This partnership will support the U.K. Ministry of Defence’s (“MOD”) objective of strengthening the effectiveness and sustainability of its naval operations.
Team Resolute, a consortium comprised of Navantia, BMT and Harland & Wolff, was created to support the £1.6 billion FSS project that aims to deliver three Royal Fleet Auxiliary ships for the U.K. MOD. Under the project, ships under construction will be endowed with advanced energy-efficient technologies to minimize power consumption. This will enable the ships to lower carbon emissions by using low-carbon and sustainable energy sources.
As noted, GE Vernova’s hybrid-electric propulsion technology fits as the perfect solution for the U.K.’s new ship class to meet these objectives. This cutting-edge technology will enable the ships to improve energy efficiency and optimize power utilization, thereby supporting their multirole missions.
Per the contract, GE Vernova will be responsible for designing and manufacturing SeaPulse Active Front-End power converters and Power Take-Off/Power Take-In hybrid electric induction motor generators for the FSS ships. The deal will also involve GE providing commissioning, testing, sea trials and integrated logistics support services that would facilitate the integration process of the hybrid propulsion technology into the ships.
GE Vernova expects to deliver the electric propulsion equipment for the first FSS ship in 2025, with the second and third ships scheduled in 2026 and 2027.
Zacks Rank and Price Performance
General Electric currently carries a Zacks Rank #3 (Hold). The company has been benefiting from the strong performance of the Aerospace segment due to robust demand and the solid execution of commercial engines and services. After months of softness, a rebound in demand in the Power segment also augurs well for General Electric.
Image Source: Zacks Investment Research
In the past year, the stock rose 65.1% against the industry’s decline of 4.2%.
However, despite improvements, supply chain challenges, such as the availability of raw materials and labor shortages, especially in the defense market, continue to weigh on its operations.
Stocks to Consider
Some better-ranked companies from the same space are discussed below:
Griffon Corporation (GFF - Free Report) presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
It has a trailing four-quarter average earnings surprise of 28.6%. The Zacks Consensus Estimate for GFF’s fiscal 2024 earnings has increased 13% in the past 60 days. Shares of Griffon have gained 50.5% in the past year.
ITT Inc. (ITT - Free Report) currently carries a Zacks Rank #2 (Buy). ITT delivered a trailing four-quarter average earnings surprise of 8%.
In the past 60 days, the Zacks Consensus Estimate for ITT’s 2023 earnings has increased 0.2%. The stock has risen 40.5% in the past year.
Parker-Hannifin Corporation (PH - Free Report) currently carries a Zacks Rank #2. It delivered a trailing four-quarter average earnings surprise of 11.8%.
In the past 60 days, the consensus estimate for PH’s fiscal 2024 earnings has improved by 0.4%. The stock has risen 53.1% in the past year.