We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
General Electric's Unit Secures Contract From PowerChina
Read MoreHide Full Article
General Electric Company’s (GE - Free Report) business unit, GE Renewable Energy, announced that it secured an onshore wind turbine contract from PowerChina Guizhou Engineering Co., Ltd. Notably, this marks the company’s first onshore wind project with PowerChina. Financial terms of the contract were not disclosed by the parties involved.
Per the deal, GE Renewable Energy will be responsible for delivering 12 of its 2.5-132 low-wind speed turbine units for the Xuanli Qingfeng wind farm located close to Puyang city in China. The construction of the wind farm, which is expected to begin in the fourth quarter, is likely to be commissioned by the end of 2020. As noted, the 30-MW wind farm will facilitate the production of an adequate amount of clean energy to power in excess of 40,000 houses in Henan province, thus, catering to the increasing demand for electricity.
The deal will also involve General Electric to provide two years of maintenance services in the facility. It is worth noting here that the company will manufacture the advanced wind turbines in its Puyang site.
In addition, GE Renewable Energy entered a five-year full-service agreement (“FSA”) deal with Naturgy for the La Rabia Wind Farm based in Spain. Notably, it will offer full preventive and corrective maintenance tasks on 13 Eco-80 turbine units as well as 50 units of the technology at Pehimo Wind Farm.
On the same day, General Electric also announced that it delivered the USS Zumwalt — a full-electric power and propulsion ship — to the U.S. Navy. The ship has been designed by the company’s Power Conversion business.
In the near term, the negative impacts of the coronavirus outbreak on the company’s Industrial (particularly, the GE Aviation unit) and GE capital businesses are concerning. However, a healthy liquidity position as well as cash and cost-related measures is likely to aid the company.
Over the past three months, General Electric’s share price has decreased 11.5% against the industry’s growth of 8.4%.
In the past 60 days, the Zacks Consensus Estimate for the company’s earnings has declined 90% to 4 cents for 2020 on account of eight downward estimate revisions against none upward. In addition, over the same timeframe, the consensus estimate for 2021 earnings has trended down 42.9% to 36 cents on seven downward estimate revisions against none upward revisions.
Three companies that compete with General Electric are Honeywell International Inc. (HON - Free Report) , 3M Company (MMM - Free Report) and Raytheon Technologies Corporation (RTX - Free Report) .
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
Image: Bigstock
General Electric's Unit Secures Contract From PowerChina
General Electric Company’s (GE - Free Report) business unit, GE Renewable Energy, announced that it secured an onshore wind turbine contract from PowerChina Guizhou Engineering Co., Ltd. Notably, this marks the company’s first onshore wind project with PowerChina. Financial terms of the contract were not disclosed by the parties involved.
Per the deal, GE Renewable Energy will be responsible for delivering 12 of its 2.5-132 low-wind speed turbine units for the Xuanli Qingfeng wind farm located close to Puyang city in China. The construction of the wind farm, which is expected to begin in the fourth quarter, is likely to be commissioned by the end of 2020. As noted, the 30-MW wind farm will facilitate the production of an adequate amount of clean energy to power in excess of 40,000 houses in Henan province, thus, catering to the increasing demand for electricity.
The deal will also involve General Electric to provide two years of maintenance services in the facility. It is worth noting here that the company will manufacture the advanced wind turbines in its Puyang site.
In addition, GE Renewable Energy entered a five-year full-service agreement (“FSA”) deal with Naturgy for the La Rabia Wind Farm based in Spain. Notably, it will offer full preventive and corrective maintenance tasks on 13 Eco-80 turbine units as well as 50 units of the technology at Pehimo Wind Farm.
On the same day, General Electric also announced that it delivered the USS Zumwalt — a full-electric power and propulsion ship — to the U.S. Navy. The ship has been designed by the company’s Power Conversion business.
Zacks Rank, Price Performance and Estimate Trend
General Electric, with a $60.8-billion market capitalization, currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the near term, the negative impacts of the coronavirus outbreak on the company’s Industrial (particularly, the GE Aviation unit) and GE capital businesses are concerning. However, a healthy liquidity position as well as cash and cost-related measures is likely to aid the company.
Over the past three months, General Electric’s share price has decreased 11.5% against the industry’s growth of 8.4%.
In the past 60 days, the Zacks Consensus Estimate for the company’s earnings has declined 90% to 4 cents for 2020 on account of eight downward estimate revisions against none upward. In addition, over the same timeframe, the consensus estimate for 2021 earnings has trended down 42.9% to 36 cents on seven downward estimate revisions against none upward revisions.
Three companies that compete with General Electric are Honeywell International Inc. (HON - Free Report) , 3M Company (MMM - Free Report) and Raytheon Technologies Corporation (RTX - Free Report) .
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>