General Electric Company’s GE business unit GE Renewable Energy recently secured a contract from Continuum Green Energy India Pvt Ltd for delivery, installation and commissioning of onshore wind turbines. Financial terms of the contract were not disclosed by the parties involved.
The company’s share price dipped 0.7% yesterday, eventually closing the trading session at $13.44.
Inside the Headline
As noted, GE Renewable Energy will be responsible for supplying 55 sets of 2.7-132 onshore wind turbines for the 148.5 MW wind farm based in Morjar, Bhuj, Gujarat. The deal will likely help the wind farm generate adequate power for 125,000 households, thus catering to consumers’ growing requirements of renewable and sustainable energy. Notably, the contract also includes a long-term full-service pact for the wind turbines.
It’s worth noting here that the blades for the wind turbines are to be supplied by the company’s plants located in Vadodara while the product assembly will be done at the multi-modal manufacturing plant in Pune. The wind turbines are expected to work efficiently in Gujarat, which has low wind speed conditions.
Separately, the company clinched a contract from EnergyAustralia to supply one of its 9F.05 gas turbines to power the Tallawarra B Power Station located in New South Wales, Australia.
Zacks Rank, Price Performance and Earnings Estimate Trend
The company with $118-billion market capitalization currently carries a Zacks Rank #3 (Hold). It stands to benefit from its portfolio-restructuring program, expansion in digital business and efforts to deleverage its balance sheet in the quarters ahead. However, persisting market-related challenges in aviation sector as well as weakness in the onshore wind market across the United States remain a concern for the near term.
Shares of the company have gained 24.4% compared with 11.9% growth of the industry in the past six months.
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The Zacks Consensus Estimate for second-quarter 2021 earnings has increased 33.3% to 4 cents in the past 60 days. Also, earnings estimates for 2021 have moved 8.3% north to 26 cents during the same period.
Some better-ranked stocks from the same space are Griffon Corporation GFF, Crane Co. CR and ITT Inc. ITT, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Griffon delivered an earnings surprise of 50% in the last reported quarter.
Crane delivered an earnings surprise of 26.72% in the last reported quarter.
ITT delivered an earnings surprise of 21.84% in the last reported quarter.
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