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General Electric (GE) Arm Clinches IFEP Contract in Singapore
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General Electric Company’s (GE - Free Report) arm, GE Power Conversion (a unit of the company's GE Vernova business), recently secured a deal from a shipbuilding company, ST Engineering Marine Limited. Per this deal, GE Power Conversion will provide Electric Grid with Integrated Full Electric Propulsion (IFEP) equipment for six ships under the Republic of Singapore Navy’s (RSN) Multi-Role Combat Vessel (MRCV) project.
Based in Singapore, ST Engineering Marine Limited is a well-recognized integrated engineering company, which primarily serves customers across shipbuilding, ship repair and conversion of commercial vessels markets. Its operations are spread across various nations in Europe, the Americas, Asia and the Middle East.
Equipped with GE Vernova’s state-of-the-art electric grid, the six MRCVs will be RSN’s first IFEP-powered vessels that will replace the mechanical drive Victory-class missile corvettes fleet.
The company will be responsible for providing the electric grid package that includes generators, transformers, medium-voltage switchboards, electric propulsion motors, propulsion variable frequency drives, thruster motors, soft starters, propulsion control system, power management system and a shore power connection. As noted, the electric propulsion systems for the new ships are planned to be delivered over the coming 10 years.
GE Vernova’s advanced electric grid is designed to supply electrical power to the ship’s propulsion and optimizes its operational systems, including radar and communications. GE’s electric grid is capable of delivering electric power to any desired load on a ship’s power network and makes the propulsion system more energy-efficient.
Zacks Rank and Price Performance
General Electric currently carries a Zacks Rank #3 (Hold).
The company is benefiting from the strong performance of the Aerospace segment driven by robust demand for commercial engines and services. The segment gained from improved commercial services revenues, higher orders for LEAP engines and aftermarket services, along with strong operational execution.
Image Source: Zacks Investment Research
In the past year, shares of the company have soared 87.8% compared with the industry’s 11.5% growth.
Despite the positives, General Electric has been dealing with the adverse impacts of the high cost of sales and operating expenses.
Stocks to Consider
Some better-ranked companies from the same space are discussed below.
It has a trailing four-quarter average earnings surprise of 42%. The Zacks Consensus Estimate for GFF’s fiscal 2024 earnings has increased 3.9% in the past 60 days.
Carlisle Companies Incorporated (CSL - Free Report) currently flaunts a Zacks Rank #1. CSL delivered a trailing four-quarter average earnings surprise of 7.6%. In the past 60 days, the Zacks Consensus Estimate for CSL’s 2024 earnings has increased 8.2%.
Vector Group Ltd (VGR - Free Report) currently sports a Zacks Rank #1. It delivered a trailing four-quarter average earnings surprise of 10.2%. In the past 60 days, the consensus estimate for VGR’s 2024 earnings has improved 6.9%.
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General Electric (GE) Arm Clinches IFEP Contract in Singapore
General Electric Company’s (GE - Free Report) arm, GE Power Conversion (a unit of the company's GE Vernova business), recently secured a deal from a shipbuilding company, ST Engineering Marine Limited. Per this deal, GE Power Conversion will provide Electric Grid with Integrated Full Electric Propulsion (IFEP) equipment for six ships under the Republic of Singapore Navy’s (RSN) Multi-Role Combat Vessel (MRCV) project.
Based in Singapore, ST Engineering Marine Limited is a well-recognized integrated engineering company, which primarily serves customers across shipbuilding, ship repair and conversion of commercial vessels markets. Its operations are spread across various nations in Europe, the Americas, Asia and the Middle East.
Equipped with GE Vernova’s state-of-the-art electric grid, the six MRCVs will be RSN’s first IFEP-powered vessels that will replace the mechanical drive Victory-class missile corvettes fleet.
The company will be responsible for providing the electric grid package that includes generators, transformers, medium-voltage switchboards, electric propulsion motors, propulsion variable frequency drives, thruster motors, soft starters, propulsion control system, power management system and a shore power connection. As noted, the electric propulsion systems for the new ships are planned to be delivered over the coming 10 years.
GE Vernova’s advanced electric grid is designed to supply electrical power to the ship’s propulsion and optimizes its operational systems, including radar and communications. GE’s electric grid is capable of delivering electric power to any desired load on a ship’s power network and makes the propulsion system more energy-efficient.
Zacks Rank and Price Performance
General Electric currently carries a Zacks Rank #3 (Hold).
The company is benefiting from the strong performance of the Aerospace segment driven by robust demand for commercial engines and services. The segment gained from improved commercial services revenues, higher orders for LEAP engines and aftermarket services, along with strong operational execution.
Image Source: Zacks Investment Research
In the past year, shares of the company have soared 87.8% compared with the industry’s 11.5% growth.
Despite the positives, General Electric has been dealing with the adverse impacts of the high cost of sales and operating expenses.
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 42%. The Zacks Consensus Estimate for GFF’s fiscal 2024 earnings has increased 3.9% in the past 60 days.
Carlisle Companies Incorporated (CSL - Free Report) currently flaunts a Zacks Rank #1. CSL delivered a trailing four-quarter average earnings surprise of 7.6%. In the past 60 days, the Zacks Consensus Estimate for CSL’s 2024 earnings has increased 8.2%.
Vector Group Ltd (VGR - Free Report) currently sports a Zacks Rank #1. It delivered a trailing four-quarter average earnings surprise of 10.2%. In the past 60 days, the consensus estimate for VGR’s 2024 earnings has improved 6.9%.