Yahoo Finance General Electric (GE) Launches Onshore Wind Parts Marketplace
General Electric’s GE arm, GE Vernova (the combined operations of GE Digital, Renewable Energy and GE Power) recently announced the launch of a one-stop shop for onshore wind parts.
With this expanded online platform, wind farm owners can purchase all spare parts and wind farm essentials in just one transaction. Customers will have access to both GE and other original equipment manufacturer (OEM) parts in one location. This online platform will reduce turbine downtime and increase its efficiency.
GE Vernova’s onshore wind marketplace primarily caters to onshore wind spare parts, including parts for all major wind turbines OEM. It also offers tooling, safety gear, office supplies and other wind farm essentials.
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By allowing customers to purchase from multiple suppliers with a single purchase order, GE Vernova’s Onshore Wind Online Shop helps them improve cash flow. Flexible credit options and digital invoicing in the marketplace also help customers improve cash flow.
Within GE Vernova, the Power segment has rebounded after months of softness. Strength in GE Gas Power heavy-duty gas turbine transactional services and aero derivatives is aiding the Power segment. The acquisition of Nexus Controls (April 2023), which allows the creation of a single and full-service controls business line for further development of GE’s proprietary Mark Vle controls systems platform, should bolster the segment’s growth. The acquisition is aligned with General Electric’s commitment to invest in leading controls technology and expertise to enhance customer experience.
The GE Renewable Energy segment is also showing signs of progress due to higher equipment demand at Grid and Onshore Wind in North America. However, the segment’s performance continues to be hurt by lower onshore wind deliveries and repower upgrades due to the lapse of the U.S. Production Tax Credit in 2022.
Zacks Rank & Key Picks
General Electric currently carries a Zacks Rank #3 (Hold).
Some better-ranked industrial stocks are as follows:
Flowserve FLS currently sports a Zacks Rank #1 (Strong Buy). The company pulled off a trailing four-quarter earnings surprise of 2.5%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
Flowserve has an estimated earnings growth rate of 64.5% for the current year. The stock has gained 6.3% in a year.
Ingersoll Rand IR flaunts a Zacks Rank #1 at present. The company delivered a four-quarter earnings surprise of 12.6%, on average.
Ingersoll Rand has an estimated earnings growth rate of 14.8%, on average. The stock has rallied 18.8% in a year.
Graco Inc. GGG sports a Zacks Rank #1 at present. The company pulled off a trailing four-quarter earnings surprise of 7.9%, on average.
Graco has an estimated earnings growth rate of 16.3% for the current year. The stock has gained 20% in a year.
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