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General Electric (GE) Clinches Turbines & Services Deal in Spain

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General Electric Company’s GE business unit GE Renewable Energy recently secured an onshore wind turbine contract from Saudi Arabia’s Alfanar Group for a group of wind farms based in Spain’s Navarre region. The financial terms of the contract were not disclosed.

General Electric’s share price declined 0.2% yesterday, eventually closing the trading session at $89.91.

Inside the Headlines

The deal will involve General Electric producing, supplying and installing 15 units of 3.X-4.0 MW wind turbines at the wind farms near Miranda de Arga and Berbinzana municipalities. As noted, the turbines will carry a rotor diameter of 137m. The company will work on installing these turbines at the wind farms, which will have a total installed capacity of 53 MW. It expects the turbines to get operational in 2023. Also, the company will be responsible for providing operational service in the facilities for 15 years. This will help Alfanar cater to consumers’ growing requirements for renewable and sustainable energy in the region.

The latest contract is a testimony to the growing popularity of General Electric’s onshore wind turbine platform. Designed to operate at variable speeds, the company’s 3 MW wind turbines feature a higher efficiency in serviceability and an improved level of annual energy production, thus delivering significant value to its customers.

The latest pact is built on a strong collaboration between both companies. This marks the company’s second project with Alfanar related to the onshore wind platform in Spain.

Zacks Rank, Price Performance and Estimate Trend

General Electric currently has a market capitalization of $99.1 billion and a Zacks Rank #3 (Hold). The company stands to benefit from product innovation, solid contract wins, expansion in the digital business and actions to restructure its portfolio. However, supply-chain constraints and inflationary pressure are worrying.

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In the past three months, General Electric’s share price has lost 11.3% compared with 8.9% decline recorded by the industry.

In the past 30 days, the Zacks Consensus Estimate for the company’s 2022 earnings has decreased from $3.34 to $3.16, owing to five downward estimate revisions versus none upward. However, the consensus estimate for its 2023 earnings has gone up from $4.98 to $5.11 on four upward estimate revisions against one downward.

Stocks to Consider

Some better-ranked companies are discussed below.

Franklin Electric Co., Inc. FELE presently sports a Zacks Rank #1 (Strong Buy). Its earnings surprise in the last four quarters was 17.4%, on average.

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

In the past 30 days, Franklin Electric’s earnings estimates have been unchanged for 2022. FELE’s shares have lost 11.3% in the past three months.

Carlisle Companies Incorporated CSL presently carries a Zacks Rank #2 (Buy). Its earnings surprise in the last four quarters was 35.1%, on average.

Carlisle’s earnings estimates have decreased 0.2% for 2022 in the past 30 days. CSL’s shares have declined 1.7% in the past three months.

Griffon Corporation GFF presently has a Zacks Rank #2. It delivered a four-quarter earnings surprise of 56.7%, on average.

Griffon’s earnings estimates have been stable for fiscal 2022 (ending September 2022) in the past 30 days. GFF’s shares have lost 29.7% in the past three months.


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General Electric Company (GE) : Free Stock Analysis Report

Carlisle Companies Incorporated (CSL) : Free Stock Analysis Report

Franklin Electric Co., Inc. (FELE) : Free Stock Analysis Report

Griffon Corporation (GFF) : Free Stock Analysis Report

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