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General Electric (GE) Arm Wins Wind Turbine Deal in Vietnam

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General Electric Company’s GE unit, GE Renewable Energy, yesterday announced that it has secured a contract from Vietnam Join-Stock Construction Electricity Corporation to supply onshore wind turbines in Vietnam. This marks the company’s second such contract in the Binh Thuan Province of the country. Financial terms of the contract were not disclosed.

General Electric’s share price decreased 3.6% yesterday, eventually closing the trading session at $12.66.

Inside the Headline

As noted, GE Renewable Energy will supply eight units of 3.8-137 MW wind turbines, carrying 137m of a rotor diameter. These turbines will be used for the construction of 30 MW Thuan Nhien Phong Wind Farm in Vietnam’s south-central coastal area. The deal will help the wind farm to produce adequate electricity for 45,000 households, thus catering to consumers’ growing requirements of renewable and sustainable energy. It is worth noting here that the company will also be responsible for providing operational and maintenance services in the facility for 10 years.

Notably, this contract has strengthened GE Renewable Energy’s existing position in Vietnam.

Other Noteworthy Contracts Won by GE Renewable Energy

In December 2020, GE Renewable Energy received a contract to offer eight units of 3 MW-137 wind turbines for the construction of 27.2 MW Phuoc Minh Wind Farm. Also, in the same month, the business unit clinched an onshore wind turbine supply contract from Azora for its Cuevas de Velasco wind farm, in Cuenca province, Spain. This marked the company’s first ever contract for its Cypress platform in the European country.

This apart, in November 2020, GE Renewable Energy received an onshore wind turbine contract from European Energy for its three wind farms, located in Lithuania.

Zacks Rank, Price Performance and Estimate Trend

General Electric, with $111 billion market capitalization, currently carries a Zacks Rank #4 (Sell). The company is experiencing softness in the Aviation and Power businesses, which might affect its performance in the quarters ahead.

In the past month, its share price has decreased 0.7% against the industry’s growth of 3.1%.



In the past 60 days, the Zacks Consensus Estimate for the company’s bottom line for 2021 has gone down from 36 cents to 24 cents, owing to seven downward estimate revisions versus one upward. The consensus estimate for its earnings for 2022 has decreased from 59 cents to 52 cents on account of three downward revisions versus one upward.

Key Picks

Some better-ranked stocks are Crane Co. CR, Griffon Corporation GFF and Emerson Electric Co. EMR, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Crane delivered a positive earnings surprise of 12.37%, on average, in the trailing four quarters.

Griffon delivered a positive earnings surprise of 115.48%, on average, in the trailing four quarters.

Emerson delivered a positive earnings surprise of 21.53%, on average, in the trailing four quarters.

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Emerson Electric Co. (EMR) : Free Stock Analysis Report

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Griffon Corporation (GFF) : Free Stock Analysis Report

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