Yahoo Finance General Electric (GE) Arm Wins Steam Turbine Deal From BHEL
General Electric Company’s GE business unit GE Steam Power recently secured a $165 million deal from India’s government-owned engineering and manufacturing firm, BHEL, to deliver three nuclear steam turbines. This deal is built on business collaboration and license & technology transfer agreements between both the companies, allowing them to produce nuclear steam turbines of 700 MW.
General Electric’s share price decreased 0.4% yesterday, eventually closing the trading session at $65.75.
Inside the Headlines
General Electric’s nuclear steam turbines will be used for Nuclear Power Corporation of India Limited’s (“NPCIL”) domestic nuclear project - phase 1, which is under development at Gorakhpur, Haryana and Kaiga Karnataka, India.
The company’s state-of-the-art nuclear steam turbines will help NPCIL cater to consumers’ growing requirements for sustainable energy. Featuring an improved level of annual energy production, the company’s steam turbines help its customers reduce the cost of energy.
The deal will involve General Electric producing the nuclear steam turbines at its Sanand facility in Gujarat, India. It’s worth noting that GE Steam Power, in partnership with BHEL, has delivered nuclear steam turbines for the NPCIL’s Rawatbhatha and Kakrapar projects, which are also under development.
Zacks Rank, Price Performance and Earnings Estimate Trend
General Electric, with an $72.4-billion market capitalization, currently carries a Zacks Rank #4 (Sell). GE stands to benefit from its portfolio-restructuring program, expansion in digital business and efforts to deleverage its balance sheet in the quarters ahead. Softness in the company’s grid and turbine businesses remains a concern.
Image Source: Zacks Investment Research
Shares of General Electric have lost 29.8% compared with the 15.6% decline of its industry in the past three months.
The Zacks Consensus Estimate for second-quarter 2022 earnings has decreased 43.5% to 39 cents in the past 60 days. Also, earnings estimates for 2022 have moved 11% south to $2.82 during the same period.
Stocks to Consider
Some better-ranked companies from the same space are discussed below:
Griffon Corporation GFF presently sports a Zacks Rank #1 (Strong Buy). GFF’s earnings surprise in the last four quarters was 97%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
In the past 60 days, Griffon’s earnings estimates have increased 80.5% for fiscal 2022 (ending September 2022). The stock has declined 29.8% in the past three months.
Carlisle Companies Incorporated CSL presently flaunts a Zacks Rank of 1. CSL delivered a trailing four-quarter earnings surprise of 23%, on average.
In the past 60 days, Carlisle’s earnings estimates have increased 22.8% for 2022. CSL’s shares have declined 4.1% in the past three months.
3M Company MMM presently carries a Zacks Rank #2 (Buy). MMM delivered a trailing four-quarter earnings surprise of 13.8%, on average.
Earnings estimates of MMM have increased 6.1% for 2022 in the past 60 days. Its shares have declined 12% in the past three months.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com click here.
Zacks Investment Research
