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General Electric (GE) Secures Service Agreement in Senegal
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General Electric Company’s (GE - Free Report) unit GE Vernova’s Gas Power business has secured a 25-year service agreement from West African Energy for the latter’s combined cycle power project based in Cap des Biches, Dakar, Senegal, to increase efficiency and improve the performance of the power plant’s gas turbines.
GE Vernova is the combined operations of GE Digital, Renewable Energy and GE Power. Its Gas Power business includes General Electric’s gas lifecycle business (including Power Services and Gas Power Systems businesses).
Per the deal, GE will provide parts, repairs, field services and advanced predictive maintenance for the two GE 9E.03 gas turbines and accessory equipment for the West African Energy’s 300 megawatt (MW) combined cycle power project. It is worth noting that previously GE was selected to supply two 9E.03 gas turbines, one STF-A200 steam turbine, three A39 generators, two Heat Recovery Steam Generators and additional balance of plant equipment for the project.
Further, General Electric’s digital business will provide its Asset Performance Management (APM) software in the cloud to advance the use of predictive analytics across the power island, which includes gas turbines and generators. The APM software in the cloud detects and diagnoses equipment problems before they occur. This represents the first installation of GE’s APM software in Senegal.
General Electric’s services will help the combined cycle power project boost the long-term availability and reliability of the power plant’s gas turbines to cater to the region’s rising energy requirement.
The power plant is likely to begin operations in phases starting in 2024 and it will be the largest power plant in the country.
The company delivered a trailing four-quarter earnings surprise of approximately 243.1%, on average. In the past 60 days, estimates for Graham’s earnings have increased 66.7% for 2023. The stock has soared 96.5% in the past year.
Applied Industrial Technologies, Inc. (AIT - Free Report) presently carries a Zacks Rank #2 (Buy) and a trailing four-quarter earnings surprise of 15%, on average.
AIT’s earnings estimates have increased 1.1% for fiscal 2024 (ending June 2024) in the past 60 days. Shares of Applied Industrial have risen 40.1% in the past year.
Caterpillar Inc. (CAT - Free Report) presently carries a Zacks Rank #2 (Buy). CAT’s earnings surprise in the last four quarters was 18.5%, on average.
In the past 60 days, estimates for Caterpillar’s earnings have increased 2.2% for 2023. The stock has gained 45.9% in the past year.
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General Electric (GE) Secures Service Agreement in Senegal
General Electric Company’s (GE - Free Report) unit GE Vernova’s Gas Power business has secured a 25-year service agreement from West African Energy for the latter’s combined cycle power project based in Cap des Biches, Dakar, Senegal, to increase efficiency and improve the performance of the power plant’s gas turbines.
GE Vernova is the combined operations of GE Digital, Renewable Energy and GE Power. Its Gas Power business includes General Electric’s gas lifecycle business (including Power Services and Gas Power Systems businesses).
Per the deal, GE will provide parts, repairs, field services and advanced predictive maintenance for the two GE 9E.03 gas turbines and accessory equipment for the West African Energy’s 300 megawatt (MW) combined cycle power project. It is worth noting that previously GE was selected to supply two 9E.03 gas turbines, one STF-A200 steam turbine, three A39 generators, two Heat Recovery Steam Generators and additional balance of plant equipment for the project.
Further, General Electric’s digital business will provide its Asset Performance Management (APM) software in the cloud to advance the use of predictive analytics across the power island, which includes gas turbines and generators. The APM software in the cloud detects and diagnoses equipment problems before they occur. This represents the first installation of GE’s APM software in Senegal.
General Electric’s services will help the combined cycle power project boost the long-term availability and reliability of the power plant’s gas turbines to cater to the region’s rising energy requirement.
The power plant is likely to begin operations in phases starting in 2024 and it will be the largest power plant in the country.
General Electric Company Price
General Electric Company price | General Electric Company Quote
Zacks Rank & Stocks to Consider
General Electric currently carries a Zacks Rank #3 (Hold). Some better-ranked companies are discussed below:
Graham Corporation (GHM - Free Report) currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The company delivered a trailing four-quarter earnings surprise of approximately 243.1%, on average. In the past 60 days, estimates for Graham’s earnings have increased 66.7% for 2023. The stock has soared 96.5% in the past year.
Applied Industrial Technologies, Inc. (AIT - Free Report) presently carries a Zacks Rank #2 (Buy) and a trailing four-quarter earnings surprise of 15%, on average.
AIT’s earnings estimates have increased 1.1% for fiscal 2024 (ending June 2024) in the past 60 days. Shares of Applied Industrial have risen 40.1% in the past year.
Caterpillar Inc. (CAT - Free Report) presently carries a Zacks Rank #2 (Buy). CAT’s earnings surprise in the last four quarters was 18.5%, on average.
In the past 60 days, estimates for Caterpillar’s earnings have increased 2.2% for 2023. The stock has gained 45.9% in the past year.