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General Electric's (GE) Unit Wins Wind Turbine Deal in Spain
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General Electric Company’s (GE - Free Report) unit, GE Vernova (combined operations of GE Digital, Renewable Energy and GE Power), has recently inked a framework deal with Forestalia for the installation of onshore wind turbines across several upcoming project sites in Spain.
Per the deal, GE will supply approximately 693 megawatts (MW) of wind turbines in 16 different project sites across the country’s Aragon region. The company will install a total of 110 units of 6.1-158 wind turbines in the Zaragoza region in six phases. The first phase, which is already in progress, will see 33 units of wind turbines being constructed at five wind farms.
Out of the 110 GE turbines, 33 turbines will have a hub height of 101 meters and the rest will have a hub height of 120.9 meters. The delivery of the turbine units will be completed by 2024 end.
This deal supports Spain’s effort to shift toward renewable sources of energy and will attract similar projects in 2024.
The collaboration between General Electric and Forestalia is built on the prior deal signed in 2016. It also bolsters GE’s wind collaboration in the region.
Recently, General Electric has received a series of deals, which are likely to drive its growth. In November 2023, General Electric secured a deal from O2 Power Private Limited to deliver, install and commission 36 units of workhorse 2.7-132 onshore wind turbines. The turbine units will be installed at a 97 MW wind power project in Maharashtra, India.
In August, GE secured two orders from Royal Golden Eagle Group’s subsidiary East Asia Power (Yangjiang) Co., Ltd. and Beijing Energy International Holding Co., Ltd. to deliver four units of 6F.03 gas turbines.
Price Performance
In the past year, the GE stock has gained 54% against the industry’s 1.2% decrease.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
General Electric currently carries a Zacks Rank #3 (Hold). Some better-ranked companies have been discussed below.
FSS delivered a trailing four-quarter average earnings surprise of 8.1%. In the past 60 days, the Zacks Consensus Estimate for Federal Signal’s 2023 earnings has increased 3.3%. The stock has gained 66.2% in the past year.
ITT Inc. (ITT - Free Report) presently carries a Zacks Rank #2. It has a trailing four-quarter average earnings surprise of 8%.
The consensus estimate for ITT’s 2023 earnings has increased 2% in the past 60 days. Shares of ITT have jumped 46.9% in the past year.
A. O. Smith Corporation (AOS - Free Report) currently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 14%.
In the past 60 days, the consensus estimate for A. O. Smith’s 2023 earnings has improved 4.4%. The stock has gained 41% in the past year.
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General Electric's (GE) Unit Wins Wind Turbine Deal in Spain
General Electric Company’s (GE - Free Report) unit, GE Vernova (combined operations of GE Digital, Renewable Energy and GE Power), has recently inked a framework deal with Forestalia for the installation of onshore wind turbines across several upcoming project sites in Spain.
Per the deal, GE will supply approximately 693 megawatts (MW) of wind turbines in 16 different project sites across the country’s Aragon region. The company will install a total of 110 units of 6.1-158 wind turbines in the Zaragoza region in six phases. The first phase, which is already in progress, will see 33 units of wind turbines being constructed at five wind farms.
Out of the 110 GE turbines, 33 turbines will have a hub height of 101 meters and the rest will have a hub height of 120.9 meters. The delivery of the turbine units will be completed by 2024 end.
This deal supports Spain’s effort to shift toward renewable sources of energy and will attract similar projects in 2024.
The collaboration between General Electric and Forestalia is built on the prior deal signed in 2016. It also bolsters GE’s wind collaboration in the region.
Recently, General Electric has received a series of deals, which are likely to drive its growth. In November 2023, General Electric secured a deal from O2 Power Private Limited to deliver, install and commission 36 units of workhorse 2.7-132 onshore wind turbines. The turbine units will be installed at a 97 MW wind power project in Maharashtra, India.
In August, GE secured two orders from Royal Golden Eagle Group’s subsidiary East Asia Power (Yangjiang) Co., Ltd. and Beijing Energy International Holding Co., Ltd. to deliver four units of 6F.03 gas turbines.
Price Performance
In the past year, the GE stock has gained 54% against the industry’s 1.2% decrease.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
General Electric currently carries a Zacks Rank #3 (Hold). Some better-ranked companies have been discussed below.
Federal Signal Corporation (FSS - Free Report) presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
FSS delivered a trailing four-quarter average earnings surprise of 8.1%. In the past 60 days, the Zacks Consensus Estimate for Federal Signal’s 2023 earnings has increased 3.3%. The stock has gained 66.2% in the past year.
ITT Inc. (ITT - Free Report) presently carries a Zacks Rank #2. It has a trailing four-quarter average earnings surprise of 8%.
The consensus estimate for ITT’s 2023 earnings has increased 2% in the past 60 days. Shares of ITT have jumped 46.9% in the past year.
A. O. Smith Corporation (AOS - Free Report) currently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 14%.
In the past 60 days, the consensus estimate for A. O. Smith’s 2023 earnings has improved 4.4%. The stock has gained 41% in the past year.