General Electric Seals Deals in Saudi Arabia

General Electric (GE) sealed a one billion riyal ($267 million) shared arrangement on Wednesday, with Saudi Arabia's state-backed Dussur industrial development company to manufacture gas turbines in the eastern city of Dammam. This includes memorandum of understanding which would require further agreements to materialize.

In addition, the agreement was followed by an announcement of GE a $15 billion of business deals during the visit of the U.S President, Donald Trump, last Saturday to Riyadh as part of Saudi’s motivation to expand its economy beyond oil. The deals involve almost $7 billion of goods and services from GE itself that will run from the power and healthcare sectors to the oil and gas industry and mining. GE’s created projects were to help Saudi make their power generation more proficient and to provide digital technology to the maneuvers of oil from Saudi Aramco which aims to create $4 billion of yearly productivity developments at Aramco. This will also coincide with medical research and training.

General Electric and Dussur signed a memorandum of understanding last year that is expected to result in nearly 3.75 billion riyals of investment by the two joint companies across multiple sectors in 2017.

Stock Performance

On Thursday, the firm opened at 27.83. Currently, the stock has a 50-day SMA of $29.30 AND 200-SMA of $29.83 and it has an increase of $33.00 and a decrease of $27.10 over the last year. The firm has a market cap of $241.67 billion, and its PE ratio is 28.34 and its beta ratio is 1.20

Earnings Stand

General Electric company (NYSE:GE) updated its quarterly earnings guidance on Friday, April 21st.  The conglomerate reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.04. The company’s share traded down 1.59% during mid-day trading on Wednesday, hitting $27.83. The company had a trading volume of 53,867,078 shares. 

General Electric Company gained a return on equity of 15.99% and obtained a net margin of 6.86%. Compared to the consensus estimate of $26.37 billion, the firm had revenue of $27.66 billion for the quarter. The company posted $0.21 EPS (earnings per share) during its run on the same quarter last year. Moreover, GEC’s business revenue for the quarter was lowered .7% which made a difference because it’s lower than last year’s on the same quarter. Research analysts of equities anticipated that General Energy Company will issue a $1.63 EPS this year.

General Electric Co is a digital industrial company that transforms industry with software-defined machines & solutions offering aircraft engines, locomotives, power generation & oil & gas equipment to medical imaging, financing & industrial products.

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