General Electric Company’s (GE - Free Report) business unit, GE Renewable Energy recently clinched an onshore wind contract from PÜSPÖK Group. This marks General Electric’s first such contract in Austria in the past few years.
As noted by General Electric, the deal requires it to deliver 30 of its advanced Cypress turbines, capable of operating at 5.5 MW. Both the companies will work on installing the turbines at PÜSPÖK Group’s two wind farm facilities based in Burgenland region. The installation of the turbines is expected to begin in the first quarter of 2021, with commissioning expected to be done by end of the year.
Per the deal, PÜSPÖK Group will utilize General Electric’s state-of-the-art onshore wind turbine solution — Cypress platform — for catering to consumers’ growing requirements of renewable and sustainable energy.
The deal will help PÜSPÖK Group’s 157-MW wind farms in producing 380 GWh of electricity every year. Electricity produced in the plant is expected to be adequate to meet renewable and sustainable energy requirements of more than 85,000 families.
In addition, General Electric will be responsible for providing operational services in these facilities for multiple years. It’s worth noting here that the blades for the Cypress units are to be supplied by the company’s Port of Suape-based business unit — LM Wind Power.
Zacks Rank, Price Performance and Estimate Trend
General Electric, with a $52.5-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 this year.
In the past six months, its share price has decreased 17% against the industry’s growth of 21.6%.
In the past 30 days, the Zacks Consensus Estimate for the company’s bottom line 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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