Yahoo Finance GE Aerospace (GE) Opens Turkiye Technology Center in Istanbul
GE Aerospace GE recently announced that it has opened a Türkiye Technology Center (“TTC”) in the Kartal district of Istanbul. This new facility will boost the company’s engineering, innovation, manufacturing and research capabilities in the region.
Founded in 2000, TTC serves as GE’s engineering facility for its GEnx, CFM LEAP, GE9X and catalyst engines. The facility also works on technology upgrades for its in-service engines. Its engineers are currently working on aero-derivative technology to manufacture marine and power engines.
TTC’s Istanbul facility will serve as its innovation hub to design and manufacture aircraft engines and related technologies. Research and development activities based on advanced technologies like sustainable propulsion will be conducted in the technology center. The facility will help GE’s engineers conduct research on open fan engine design and develop compact core engines, hybrid-electric propulsion and hydrogen combustion technologies. It will also support GE’s engineers in developing and upgrading its Software as a Service solutions including a suite of in-flight operations, and maintenance and reliability analytics applications. The Istanbul facility will boost Turkey’s defense capabilities and provide employment to approximately 400 engineers and technicians.
TTC also has another facility in Gebze, which complements the design and software engineering work in the Istanbul center. The Gebze center has three labs including an Additive Research Lab to boost the usage of 3D-printed components in aircraft engines, a Thermofluid Lab to perform advanced thermal technology tests and an Advanced Manufacturing and Repair Shop to process development, optimization and parts prototyping.
Zacks Rank and Price Performance
GE Aerospace currently carries a Zacks Rank #3 (Hold). In the past year, the stock rose 53.8% compared with the industry’s 18.2% growth.
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The company is benefiting from an upgraded installed base and higher utilization of engine platforms driven by strong momentum and growth across commercial & defense sectors. Higher orders for LEAP, GEnx & GE9X engines, critical aircraft systems and aftermarket services in the defense sector are driving its performance.
However, despite improvement, supply-chain challenges, such as the availability of raw materials and labor shortages, especially in the defense market, continue to weigh on GE’s operations.
Stocks to Consider
Some better-ranked companies from the Conglomerates sector are discussed below:
Carlisle Companies Incorporated CSL presently sports a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter average earnings surprise of 17%. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CSL’s 2024 earnings has increased 6.5% in the past 60 days. Shares of Carlisle have gained 76% in the past year.
ITT Inc. ITT currently carries a Zacks Rank #2 (Buy). It delivered a trailing four-quarter average earnings surprise of 6.5%.
In the past 60 days, the consensus estimate for ITT’s 2024 earnings has inched up 1%. Shares of ITT have gained 48.5% in the past year.
Griffon Corporation GFF presently sports a Zacks Rank of 1. It delivered a trailing four-quarter average earnings surprise of 33.5%.
In the past 60 days, the Zacks Consensus Estimate for GFF’s 2024 earnings has increased 10.6%. The stock has risen 82.8% in the past year.
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GE Aerospace (GE) : Free Stock Analysis Report
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Carlisle Companies Incorporated (CSL) : Free Stock Analysis Report
Griffon Corporation (GFF) : Free Stock Analysis Report
