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General Electric (GE) Arm Wins Wind Turbine Deal in New Mexico
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General Electric Company’s (GE - Free Report) unit, GE Vernova’s Onshore Wind business, recently secured a new equipment and long-term services contract from Pattern Energy to deliver 3.6-154 wind turbines. The wind turbines will be installed at Pattern Energy’s SunZia wind farm, which is based in New Mexico. This marks GE Vernova’s largest single onshore wind turbine order with respect to the number of turbines and power generation capacity.
GE Vernova is the combined operation 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).
Inside the Headlines
Per the latest deal, GE Vernova will be responsible for supplying 674 units of 3.6-154 wind turbines for the SunZia wind farm, with each turbine having 3.6 megawatts of capacity. The wind turbines have a rotor diameter of 154m. GE has developed the 3.6-154 turbine on the back of its 2.8-127 model after three years of research and development.
As noted, the SunZia wind farm will be able to produce electricity of more than 2.4 gigawatts, which will be capable of supplying power to three million people.
Both companies have been collaborating on the SunZia project for the past eighteen months. This included joint development and supply chain-related efforts to improve site layouts and performance. General Electric also offered consulting and financial services to Pattern Energy in support of the deal. With the latest agreement, GE Vernova's installed base with Pattern Energy will increase to 4.3 gigawatts.
Zacks Rank & Price Performance
General Electric currently sports a Zacks Rank #1 (Strong Buy). The company has been witnessing a strong performance in the Aerospace segment, driven by robust demand and the solid execution of commercial engines and services. Also, after months of softness, a rebound in demand in the Power segment augurs well for GE. Strength in GE Gas Power’s heavy-duty gas turbines is aiding the Power segment as well.
Image Source: Zacks Investment Research
In the past year, the stock has risen 65.8% against the industry’s 5.4% decline.
Other Stocks to Consider
Some other top-ranked companies from the same space are discussed below:
It has a trailing four-quarter average earnings surprise of 28.6%. The Zacks Consensus Estimate for GFF’s fiscal 2024 earnings has increased 13% in the past 60 days. Shares of Griffon jumped 52% in the past year.
ITT Inc. (ITT - Free Report) currently carries a Zacks Rank #2 (Buy). ITT delivered a trailing four-quarter average earnings surprise of 8%.
In the past 60 days, the Zacks Consensus Estimate for ITT’s 2023 earnings has increased 1%. The stock has risen 36.1% in the past year.
Honeywell International Inc. (HON - Free Report) has a Zacks Rank #2 at present. The company delivered a trailing four-quarter average earnings surprise of 3%.
In the past 60 days, the Zacks Consensus Estimate for HON’s 2023 earnings has remained stable. The stock has declined 5% in the past year. It has gained 7.6% in the past three months.
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General Electric (GE) Arm Wins Wind Turbine Deal in New Mexico
General Electric Company’s (GE - Free Report) unit, GE Vernova’s Onshore Wind business, recently secured a new equipment and long-term services contract from Pattern Energy to deliver 3.6-154 wind turbines. The wind turbines will be installed at Pattern Energy’s SunZia wind farm, which is based in New Mexico. This marks GE Vernova’s largest single onshore wind turbine order with respect to the number of turbines and power generation capacity.
GE Vernova is the combined operation 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).
Inside the Headlines
Per the latest deal, GE Vernova will be responsible for supplying 674 units of 3.6-154 wind turbines for the SunZia wind farm, with each turbine having 3.6 megawatts of capacity. The wind turbines have a rotor diameter of 154m. GE has developed the 3.6-154 turbine on the back of its 2.8-127 model after three years of research and development.
As noted, the SunZia wind farm will be able to produce electricity of more than 2.4 gigawatts, which will be capable of supplying power to three million people.
Both companies have been collaborating on the SunZia project for the past eighteen months. This included joint development and supply chain-related efforts to improve site layouts and performance. General Electric also offered consulting and financial services to Pattern Energy in support of the deal. With the latest agreement, GE Vernova's installed base with Pattern Energy will increase to 4.3 gigawatts.
Zacks Rank & Price Performance
General Electric currently sports a Zacks Rank #1 (Strong Buy). The company has been witnessing a strong performance in the Aerospace segment, driven by robust demand and the solid execution of commercial engines and services. Also, after months of softness, a rebound in demand in the Power segment augurs well for GE. Strength in GE Gas Power’s heavy-duty gas turbines is aiding the Power segment as well.
Image Source: Zacks Investment Research
In the past year, the stock has risen 65.8% against the industry’s 5.4% decline.
Other Stocks to Consider
Some other top-ranked companies from the same space are discussed below:
Griffon Corporation (GFF - Free Report) presently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
It has a trailing four-quarter average earnings surprise of 28.6%. The Zacks Consensus Estimate for GFF’s fiscal 2024 earnings has increased 13% in the past 60 days. Shares of Griffon jumped 52% in the past year.
ITT Inc. (ITT - Free Report) currently carries a Zacks Rank #2 (Buy). ITT delivered a trailing four-quarter average earnings surprise of 8%.
In the past 60 days, the Zacks Consensus Estimate for ITT’s 2023 earnings has increased 1%. The stock has risen 36.1% in the past year.
Honeywell International Inc. (HON - Free Report) has a Zacks Rank #2 at present. The company delivered a trailing four-quarter average earnings surprise of 3%.
In the past 60 days, the Zacks Consensus Estimate for HON’s 2023 earnings has remained stable. The stock has declined 5% in the past year. It has gained 7.6% in the past three months.