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General Electric (GE) Arm Wins Wind Turbine Deal in Lithuania
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General Electric Company’s (GE - Free Report) business unit GE Renewable Energy recently announced that it has clinched an onshore wind turbine contract from European Energy for its three wind farms, located in Lithuania. This marks General Electric’s second major contract in the country this year.
As noted by General Electric, it will produce, supply and install 22 Cypress wind turbine units, carrying 158m of a rotor diameter. Notably, the turbines will be capable of operating at 5.5 MW. The company will work on installing the turbines at three wind farms, which together will have an installed capacity of 121 MW. The company expects the installation of the Cypress turbines to get completed in 2021's second half.
Per the deal, General Electric’s state-of-the-art Cypress onshore wind turbines will help European Energy in catering to consumers’ growing requirements of renewable and sustainable energy. Featuring an improved level of annual energy production, the company’s Cypress onshore wind platform helps its customers to reduce cost of energy.
In addition, General Electric will be responsible for providing operational services in these facilities for 25 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 $84.8 billion market capitalization, currently carries a Zacks Rank #3 (Hold). The company is poised to gain from its portfolio restructuring program, expansion in digital business, efforts to deleverage balance sheet and solid liquidity position in the quarters ahead. However, the market challenges related to the pandemic persists in the near term.
In the past six months, its share price has increased 56.4% compared with the industry’s growth of 42.9%.
In the past 30 days, the Zacks Consensus Estimate for the company’s bottom line for 2020 has gone up from a loss of 4 cents to earnings of 4 cents, owing to five upward estimate revisions versus two downward. The consensus estimate for its earnings for 2021 has remained stable at 28 cents on account of three upward and three downward estimate revisions.
3M delivered a positive earnings surprise of 1.85%, on average, in the trailing four quarters.
ITT delivered a positive earnings surprise of 22.39%, on average, in the trailing four quarters.
Danaher delivered a positive earnings surprise of 17.00%, on average, in the trailing four quarters.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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General Electric (GE) Arm Wins Wind Turbine Deal in Lithuania
General Electric Company’s (GE - Free Report) business unit GE Renewable Energy recently announced that it has clinched an onshore wind turbine contract from European Energy for its three wind farms, located in Lithuania. This marks General Electric’s second major contract in the country this year.
As noted by General Electric, it will produce, supply and install 22 Cypress wind turbine units, carrying 158m of a rotor diameter. Notably, the turbines will be capable of operating at 5.5 MW. The company will work on installing the turbines at three wind farms, which together will have an installed capacity of 121 MW. The company expects the installation of the Cypress turbines to get completed in 2021's second half.
Per the deal, General Electric’s state-of-the-art Cypress onshore wind turbines will help European Energy in catering to consumers’ growing requirements of renewable and sustainable energy. Featuring an improved level of annual energy production, the company’s Cypress onshore wind platform helps its customers to reduce cost of energy.
In addition, General Electric will be responsible for providing operational services in these facilities for 25 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 $84.8 billion market capitalization, currently carries a Zacks Rank #3 (Hold). The company is poised to gain from its portfolio restructuring program, expansion in digital business, efforts to deleverage balance sheet and solid liquidity position in the quarters ahead. However, the market challenges related to the pandemic persists in the near term.
In the past six months, its share price has increased 56.4% compared with the industry’s growth of 42.9%.
In the past 30 days, the Zacks Consensus Estimate for the company’s bottom line for 2020 has gone up from a loss of 4 cents to earnings of 4 cents, owing to five upward estimate revisions versus two downward. The consensus estimate for its earnings for 2021 has remained stable at 28 cents on account of three upward and three downward estimate revisions.
Stocks to Consider
Some better-ranked stocks from the same space are 3M Company (MMM - Free Report) , ITT Inc. (ITT - Free Report) 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 1.85%, on average, in the trailing four quarters.
ITT delivered a positive earnings surprise of 22.39%, on average, in the trailing four quarters.
Danaher delivered a positive earnings surprise of 17.00%, on average, in the trailing four quarters.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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