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General Electric (GE) Unit Wins Wind Turbine Supply Contract
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General Electric Company’s (GE - Free Report) unit, GE Renewable Energy, yesterday won a contract to supply onshore wind turbines to the Lincoln Land Wind project. The financial terms of the contract have been kept under wraps.
It is worth noting here that General Electric’s shares gained 0.9% yesterday, ending the trading session at $13.09.
Funds managed by the global investment manager Ares Management Corporation’s (ARES - Free Report) Infrastructure and Power business own Lincoln Land Wind project. Notably, Ares Infrastructure and Power engages in providing finances in energy transportation, climate infrastructure and natural gas generation sectors.
Inside the Headlines
As noted, GE Renewable Energy will provide 107 units of its 2.82-127 onshore wind turbines to the wind project. In addition to the turbine supply, Renewable Energy will provide full services related to the turbines for 20 years, per the terms of the contract.
Morgan County, IL-based Lincoln Land Wind project has an energy generation capacity of 302 MW. Post its completion by 2021-end, the project is expected to deliver low-cost renewable energy in the United States.
Renewable Energy provides offshore wind turbines, high-voltage equipment, blades for wind turbines (onshore and offshore), and other products and services. Its revenues in the first quarter of 2021 increased 1.7% year over year to $3,248 million. Organically, the segment’s sales were flat year over year, while orders increased 13%.
Other Recent Contracts Won by GE Renewable Energy
In May 2021, GE Renewable Energy finalized contracts to supply Haliade-X wind turbines for the Dogger Bank wind farm. The financial terms of the contract were not disclosed by the parties involved. Also, Renewable Energy secured a contract from the Austrian National Railway Operator, ÖBB, to supply pumped storage turbines (variable speed).
In April 2021, GE Renewable Energy secured a contract from CleanMax to supply 42 units of onshore wind turbines (2.7-132) at the latter’s onshore wind hybrid projects in India. Also, the company will provide related services to CleanMax for 10 years.
Zacks Rank, Price Performance and Estimate Trend
General Electric currently has a market capitalization of $113.9 billion and a Zacks Rank #3 (Hold). Portfolio-restructuring measures, healthy liquidity position and solid contracts secured are expected to aid the company in the quarters ahead. Persistent challenges in Aviation are concerning.
In the past three months, General Electric’s share price has gained 4.8% as compared with 9.4% growth recorded by the industry.
The company’s earnings estimates are pegged at 26 cents for 2021 and 53 cents for 2022, reflecting improvements of 8.3% and 1.9% from the respective 30-day-ago figures. Also, earnings estimates are pegged at 4 cents for the second quarter of 2021, reflecting growth of 33.3% from the 30-day-ago figure.
In the past 30 days, earnings estimates of Crane and ITT have improved for the current year. Also, its earnings surprise for the last reported quarter was 26.72% for Crane and 21.84% for ITT.
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General Electric (GE) Unit Wins Wind Turbine Supply Contract
General Electric Company’s (GE - Free Report) unit, GE Renewable Energy, yesterday won a contract to supply onshore wind turbines to the Lincoln Land Wind project. The financial terms of the contract have been kept under wraps.
It is worth noting here that General Electric’s shares gained 0.9% yesterday, ending the trading session at $13.09.
Funds managed by the global investment manager Ares Management Corporation’s (ARES - Free Report) Infrastructure and Power business own Lincoln Land Wind project. Notably, Ares Infrastructure and Power engages in providing finances in energy transportation, climate infrastructure and natural gas generation sectors.
Inside the Headlines
As noted, GE Renewable Energy will provide 107 units of its 2.82-127 onshore wind turbines to the wind project. In addition to the turbine supply, Renewable Energy will provide full services related to the turbines for 20 years, per the terms of the contract.
Morgan County, IL-based Lincoln Land Wind project has an energy generation capacity of 302 MW. Post its completion by 2021-end, the project is expected to deliver low-cost renewable energy in the United States.
Renewable Energy provides offshore wind turbines, high-voltage equipment, blades for wind turbines (onshore and offshore), and other products and services. Its revenues in the first quarter of 2021 increased 1.7% year over year to $3,248 million. Organically, the segment’s sales were flat year over year, while orders increased 13%.
Other Recent Contracts Won by GE Renewable Energy
In May 2021, GE Renewable Energy finalized contracts to supply Haliade-X wind turbines for the Dogger Bank wind farm. The financial terms of the contract were not disclosed by the parties involved. Also, Renewable Energy secured a contract from the Austrian National Railway Operator, ÖBB, to supply pumped storage turbines (variable speed).
In April 2021, GE Renewable Energy secured a contract from CleanMax to supply 42 units of onshore wind turbines (2.7-132) at the latter’s onshore wind hybrid projects in India. Also, the company will provide related services to CleanMax for 10 years.
Zacks Rank, Price Performance and Estimate Trend
General Electric currently has a market capitalization of $113.9 billion and a Zacks Rank #3 (Hold). Portfolio-restructuring measures, healthy liquidity position and solid contracts secured are expected to aid the company in the quarters ahead. Persistent challenges in Aviation are concerning.
In the past three months, General Electric’s share price has gained 4.8% as compared with 9.4% growth recorded by the industry.
The company’s earnings estimates are pegged at 26 cents for 2021 and 53 cents for 2022, reflecting improvements of 8.3% and 1.9% from the respective 30-day-ago figures. Also, earnings estimates are pegged at 4 cents for the second quarter of 2021, reflecting growth of 33.3% from the 30-day-ago figure.
General Electric Company Price and Consensus
General Electric Company price-consensus-chart | General Electric Company Quote
Better-Ranked Stocks to Consider
Crane Co. (CR - Free Report) and ITT Inc. (ITT - Free Report) , belonging to the same industry, presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 30 days, earnings estimates of Crane and ITT have improved for the current year. Also, its earnings surprise for the last reported quarter was 26.72% for Crane and 21.84% for ITT.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>