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General Electric Completes Gas Turbine Project in Nigeria

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General Electric Company (GE - Free Report) recently announced that it has completed the gas turbine rehabilitation project at Niger Delta Power Holding Company’s (“NDPHC”) three power plants located in Nigeria. Financial terms of the deal were kept under wraps.

NDPHC is the major producer of electricity in Nigeria, with an overall installed capacity of 4.0-gigawatt. Currently, the company carries around 35% of total generating capacity in the country.

Inside the Headlines

The project involved General Electric to work on rehabilitating three 9E.03 gas turbines stationed at NDPHC’s three power plants in Sapele and Calabar, Nigeria. The company’s experts collaborated with the counterparts of its field services execution company, FieldCore, for stage three bucket changeouts on three gas turbines apart from additional combustion check-up.

As noted, the completion of the project will help NDPHC in minimizing the unplanned downtime risk of these power plants, thus boosting the efficiency and reliability of the facilities in producing electricity. This will help in securing and restoring the supply of up to 360-megawatt of electricity, which is sufficient for supplying power to around 2 million houses.

It is worth mentioning here that experts from both companies implemented several safety measures, including the use of personal protective equipment, disinfection measures and physical distancing to safeguard workers’ safety from the coronavirus pandemic.

Separately, General Electric’s business unit GE Aviation communicated that its GE9X engine has received certification from the U.S. Federal Aviation Administration authorities.

Zacks Rank, Price Performance and Estimate Trend

General Electric, with a $54.3 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 three months, its share price has decreased 8.8% against the industry’s growth of 8.2%.



In the past 60 days, the Zacks Consensus Estimate for the company’s bottom line for 2020 has gone down from a penny to a loss of 5 cents, owing to five downward estimate revisions versus one upward. Also, the consensus estimate for its earnings for 2021 has gone down from 36 cents to 29 cents due to six downward estimate revisions versus none upward.

Stocks to Consider

Some better-ranked stocks from the same space are 3M Company (MMM - Free Report) , HC2 Holdings, Inc. and Danaher Corporation (DHR - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

3M delivered a positive earnings surprise of 1.20%, 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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