Yahoo Finance General Electric (GE) Arm Wins Power Plant Deal in Vietnam
General Electric Company’s GE unit GE Power announced yesterday that it secured a contract from Samsung C&T Corporation to supply power generation equipment packages, 9HA Combined Cycle Power Plant, in Vietnam. Financial terms of the contract were not disclosed by the parties involved.
General Electric’s share price decreased 0.6% in Monday’s (May 16) trading, eventually closing the session at $74.63.
Inside the Headlines
GE Power will be responsible for supplying two blocks in excess of 800 megawatts (MW) each to include a GE 9HA.02 gas turbine, an STF-D650 steam turbine, 50 Hz gas turbine, an OT HRSG, a W88 generator and more for PetroVietnam Power Corporation’s (PV Power) Nhon Trach 3&4 Power Plant, located in the Nhon Trach district. The deal will help the power plant produce electricity of 1.6 gigawatt (GW), providing power to the large industrial areas of Dong Nai, Ho Chi Minh City and Ba Ria.
The power plant will likely become operational in 2025 and will be Vietnam’s first liquefied natural gas (LNG) fuelled property. These power plants using GE’s state-of-art H-class technology and natural gas will help curb environmental pollution as against the coal-powered thermal plants. This deal is a testimony to General Electric's commitment toward driving decarbonization in the society.
Zacks Rank, Price Performance and Earnings Estimate Trend
General Electric with an $82.1-billion market capitalization, currently carries a Zacks Rank #3 (Hold). GE stands to benefit from its portfolio-restructuring program, expansion in digital business and efforts to deleverage its balance sheet in the quarters ahead.
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Shares of General Electric have lost 25.8% compared with the 18.5% decline of its industry in the past six months.
The Zacks Consensus Estimate for second-quarter 2022 earnings has decreased 40.3% to 43 cents in the past 60 days. Also, earnings estimates for 2022 have moved 11.3% south to $2.9 during the same period.
Stocks to Consider
Some better-ranked companies are discussed below:
Griffon Corporation GFF presently sports a Zacks Rank #1. 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 (Strong Buy) stocks here.
In the past 60 days, Griffon’s earnings estimates have increased 40% for fiscal 2022 (ending September 2022). The stock has gained 17.7% in the past six months.
Carlisle Companies Incorporated CSL presently flaunts a Zacks Rank of 1. Its earnings surprise in the last four quarters was 23%, on average.
In the past 60 days, Carlisle’s earnings estimates have increased 10.8% for 2022. CSL’s shares have gained 4% in the past six months.
Ferguson plc FERG presently carries a Zacks Rank of #2 (Buy). FERG delivered a trailing four-quarter earnings surprise of 14.2%, on average.
Earnings estimates of Ferguson have increased 2.8% for fiscal 2022 (ending July 2022) in the past 60 days. Its shares have declined 26.7% in the past six months.
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