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General Electric Clinches HA Gas Turbine Contract in Russia

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General Electric Company’s (GE - Free Report) unit GE Power recently clinched a contract to deliver power generation equipment for the Zainskaya State District Power Plant’s expansionary project in Zainsk, Tatarstan, in Russia.  Financial terms of the deal were kept under wraps.

Inside the Headlines

For the new 858 MW power plant, General Electric will be responsible for providing its state of the art gas turbine 9HA.02 and a STF-D650 steam turbine. Apart from these, the company will deliver H78 and A78 generators as well as RH Heat Recovery Steam Generator.

As noted, the replacement of some existing steam units with the company’s advanced 9HA gas turbine technology will make the power plant’s operations more efficient in the production of reliable energy. In addition, it will help in lowering the consumption of natural gas and emissions, apart from reducing electricity cost. This latest development highlights the strength of General Electric’s long-standing collaboration with Tatenergo to offer advanced gas generation technology.

Separately, General Electric’s Power Conversion business entered into an agreement with Damen Schelde Naval Shipbuilding. The deal will involve the company to offer an energy management and electric propulsion package for Royal Netherlands Navy’s new combat support ship.

Zacks Rank, Price Performance and Estimate Trend

General Electric, with a $53.7-billion market capitalization, currently carries a Zacks Rank #4 (Sell). The company remains wary of the impact of the pandemic-related uncertainties on its operations — especially Healthcare, Aviation and Power — for the rest of 2020.

In the past three months, its share price has decreased 23.4% against the industry’s growth of 2.1%.

In the past 30 days, the Zacks Consensus Estimate for the company’s earnings for 2020 has widened from a loss of 6 cents to a loss of 8 cents, owing to one downward estimate revision versus none upward. Also, the consensus estimate for its earnings for 2021 has gone down from earnings of 31 cents to earnings of 29 cents due to one downward estimate revision versus none upward.

Stocks to Consider

Some better-ranked stocks from the same space are Griffon Corporation (GFF - Free Report) , HC2 Holdings, Inc. (HCHC - Free Report) and Danaher Corporation (DHR - Free Report) . While Griffon sports a Zacks Rank #1 (Strong Buy), HC2 Holdings and Danaher carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Griffon delivered a positive earnings surprise of 117.00%, on average, in the trailing four quarters.

HC2 Holdings delivered a positive earnings surprise of 41.91%, on average, in the trailing four quarters.

Danaher delivered a positive earnings surprise of 10.83%, on average, in the trailing four quarters.

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