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GE is expanding its wind power production into Quebec as part of its North American growth, and it is poised to do big things there too.
General Electric (NYSE: GE) has reported its second-quarter (Q2 2021) earnings result, which performed better than most estimates. The American multinational conglomerate reported total revenue of $18.28 billion, representing an annual increase of 9%. The result has pushed positive sentiments into General Electric (GE) stock which has climbed over 3% in premarket figures.
Although GE has lost 1.3% over the last month and 4% in the last 3 months, other averages are green. For instance, the company has brought investors a year-to-date gain of nearly 20%. In addition, General Electric (GE) stock rose by 88% over the past year.
Other figures shown by the recent earnings report also point to increases. The company’s Non-GAAP earnings-per-share hit $0.05, beating analysts’ expectations by $0.02. Its $18.2 billion revenue also exceeded expectations by $340 million.
General Electric has now set its guidance for the 2021 full year at an adjusted EPS range of $0.15 to $0.25. It also increased its outlook on industrial free cash flow to the $3.5 billion – $5 billion range, from the earlier set figures at $2.5 billion – $4.5 billion.
This is a far cry from the company’s story only a few years ago. GE’s share prices began a steady decline in 2016, with a downward spiral so severe that its market capitalization plunged by 50% in 2017. In 2018, the capitalization deficit again halved, and in a two-year window, share prices plummeted from $30 to less than $7. In late 2019, just when GE seemed to be finding its footing, the pandemic struck. Nearly every major business was affected, some worse than others.
General Electric (GE) Stock to Spike WIth Renewable Energy?
GE Renewable Energy (GERE) is a subsidiary of the world energy leader’s massive conglomerate. Recent reports suggest that this renewable energy subsidiary has big plans, particularly in the wind turbine sphere. GERE is also involved in big-time projects that use wind as a form of renewable energy, including wind turbines. The subsidiary broke news about its wind turbine blade manufacturing milestones in Turkey and India.
GERE stated in June that its turbine blade manufacturing plant in Turkey had produced its 1,111th blade. This was a laudable achievement but one which paled in comparison to the next milestone. Two weeks later, it revealed that two plants in its India division had manufactured their 44,444th turbine blade.
GE has a backlog of orders scheduled to provide 5.7 gigawatts of power. This is about 8% of all 2015 installations in the United States. As lofty as these numbers sound, the energy provider should be capable since it has the most powerful turbine in operation. Put in perspective, 10,000 wind turbine blades can produce 6 gigawatts, according to GE.
GE is expanding its wind power production into Quebec as part of its North American growth, and it is poised to do big things there too. The company is slowly becoming the best performer of the conglomerate’s businesses, which already includes subsidiaries in the capital, power, healthcare, and aviation. With considerable growth plans, General Electric stock may hit new trading highs.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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