Home / Stocks / General Electric’s (GE) Unit Receives Wind Turbine Contract

General Electric’s (GE) Unit Receives Wind Turbine Contract

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="strongGeneral Electric Company/strong’s GE unit, GE Renewable Energy, yesterday announced that it has received a contract to supply onshore wind turbines to Powerica Ltd. Financial terms of the contract were not disclosed by the parties involved.brbrIt is worth noting here that General Electric’s share price increased 0.9% on May 21, eventually closing the trading session at $6.48.brbrPowerica engages in providing power solutions for standby, prime power and conventional diesel-related applications. Also, it owns as many as 11 winds farms in Tamil Nadu and Gujarat.brbrstrong Inside the Headlines/strongbrbrAs noted, GE Renewable Energy will supply 38 units of 2.7-132 onshore wind turbines to Powerica. Of these, 19 onshore wind turbines will be delivered at Powerica’s wind farm based in Rajkot while the rest will be supplied to Khambaliya wind farm. Both projects can collectively can generate 102.6 MW of energy.brbrThe wind turbines are expected to work efficiently in Gujarat, which has low wind speed conditions.brbrThis contract has helped build a healthy relationship between GE Renewable Energy and Powerica.brbrstrongOther Contracts Won Recently ;/strongbrbrIn May 2020, GE Renewable Energy received a contract to supply 52 units of 3 MW platform onshore wind turbines. The other party to the contract was Fina Enerji. Financial terms of the transaction were not disclosed.brbrThe wind turbines will be delivered to Fina Enerji’s wind farms located in Pazarkoy, Baglama, Tayakadin and Yalova. These wind farms collectively can produce 193 MW of energy.; ;brbrIn April, GE Renewable Energy secured a service contract from DIF Capital Partners. Per the 10-year deal, the company will be responsible for servicing 122 GE 1.56-82.5 turbines.brbrIt is worth mentioning here than GE Renewable Energy’s revenues in the first quarter of 2020 increased 26% year over year. The improvement was primarily driven by onshore wind turbine — including deliveries of 731 new unit and supply of 219 repower kit.brbrstrong Zacks Rank, Price Performance, Estimate Trend and Competitors/strongbrbrGeneral Electric currently has a market capitalization of $56.2 billion and a Zacks Rank #3 (Hold). Debt reduction efforts, portfolio-restructuring actions and digital business might support the company’s performances in the quarters ahead. However, the coronavirus outbreak is expected to severely hurt its second-quarter performance — especially that of GECAS and Aviation.brbrYou can see strongthe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here/strong.brbrIn the past 60 days, General Electric’s earnings estimates for 2020 and 2021 have changed. Currently, the Zacks Consensus Estimate for its earnings is pegged at 4 cents for 2020 and 36 cents for 2021, reflecting decline of 91.5% and 48.6% from the respective 60-day-ago figures.brbrstrongGeneral Electric Company Price and Consensus/strong” data-reactid=”12″>General Electric Company’s GE unit, GE Renewable Energy, yesterday announced that it has received a contract to supply onshore wind turbines to Powerica Ltd. Financial terms of the contract were not disclosed by the parties involved.

It is worth noting here that General Electric’s share price increased 0.9% on May 21, eventually closing the trading session at $6.48.

Powerica engages in providing power solutions for standby, prime power and conventional diesel-related applications. Also, it owns as many as 11 winds farms in Tamil Nadu and Gujarat.

Inside the Headlines

As noted, GE Renewable Energy will supply 38 units of 2.7-132 onshore wind turbines to Powerica. Of these, 19 onshore wind turbines will be delivered at Powerica’s wind farm based in Rajkot while the rest will be supplied to Khambaliya wind farm. Both projects can collectively can generate 102.6 MW of energy.

The wind turbines are expected to work efficiently in Gujarat, which has low wind speed conditions.

This contract has helped build a healthy relationship between GE Renewable Energy and Powerica.

Other Contracts Won Recently  

In May 2020, GE Renewable Energy received a contract to supply 52 units of 3 MW platform onshore wind turbines. The other party to the contract was Fina Enerji. Financial terms of the transaction were not disclosed.

The wind turbines will be delivered to Fina Enerji’s wind farms located in Pazarkoy, Baglama, Tayakadin and Yalova. These wind farms collectively can produce 193 MW of energy.   

In April, GE Renewable Energy secured a service contract from DIF Capital Partners. Per the 10-year deal, the company will be responsible for servicing 122 GE 1.56-82.5 turbines.

It is worth mentioning here than GE Renewable Energy’s revenues in the first quarter of 2020 increased 26% year over year. The improvement was primarily driven by onshore wind turbine — including deliveries of 731 new unit and supply of 219 repower kit.

Zacks Rank, Price Performance, Estimate Trend and Competitors

General Electric currently has a market capitalization of $56.2 billion and a Zacks Rank #3 (Hold). Debt reduction efforts, portfolio-restructuring actions and digital business might support the company’s performances in the quarters ahead. However, the coronavirus outbreak is expected to severely hurt its second-quarter performance — especially that of GECAS and Aviation.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the past 60 days, General Electric’s earnings estimates for 2020 and 2021 have changed. Currently, the Zacks Consensus Estimate for its earnings is pegged at 4 cents for 2020 and 36 cents for 2021, reflecting decline of 91.5% and 48.6% from the respective 60-day-ago figures.

General Electric Company Price and Consensus

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="General Electric Company price-consensus-chart | General Electric Company QuotebrbrThe company’s share price has decreased 45.4% in the past three months compared with a 19.7% decline recorded by the industry.” data-reactid=”24″>General Electric Company price-consensus-chart | General Electric Company Quote

The company’s share price has decreased 45.4% in the past three months compared with a 19.7% decline recorded by the industry.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Three competitors in the industry, ITT Inc. ITT, 3M Company MMM and Honeywell International Inc. HON have recorded declines of 19%, 4.4% and 21.4%, respectively, in the past three months.brbrstrong Today‘s Best Stocks from Zacks/strongbrbrWould you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the Samp;P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.brbrThis outperformance has not just been a recent phenomenon. From 2000 – 2019, while the Samp;P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.brbrstrong See their latest picks free gt;gt;/strong” data-reactid=”25″>Three competitors in the industry, ITT Inc. ITT, 3M Company MMM and Honeywell International Inc. HON have recorded declines of 19%, 4.4% and 21.4%, respectively, in the past three months.

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