Boston, MA, 11/21/2013 (wallstreetpr) – General Electric Company (NYSE:GE) is targeting double-digit profit growth in its industrial operations in each of the next two years. However, the company is nursing loss of earnings at its financial arm, GE Capital. Growth for this ticker now looks more realistic than ever before if latest reports are anything to go by.
General Electric Company (NYSE:GE) is reported to have landed a lucrative gas and steam turbines supply deal from a Saudi Arabia company. The deal is worth more than a half-billion dollars and involves supply of equipment for big electricity generation.
The Saudi turbines order is part of the country’s efforts at improving its power generation and transmission. This program is targeted to add more than 40 gigawatts to the country’s electricity grid in the next decade. The country is also reported to be planning more than $80 billion spending to improve its electricity capacity. This means that with this humble start, General Electric Company (NYSE:GE) could make more dollars in profits aiding this ambitious power generation and transmission program in Saudi.
Just last September, General Electric Company (NYSE:GE) landed yet another lucrative deal in its industrial operations unit where it would supply an Algerian company with 12 steam turbines, 26 gas turbines and 38 generators. This order amounts to about $2.7 billion and it adds into the company’s ever-expanding backlog which has now hit hundreds of dollars.
If you thought that it’s just GE’s energy segment that is burning with brisk business, you need to know that the company recently signed a supply order for about 450 Boeing 777x engines which also comes with several years of service agreement.
As we can see clearly from General Electric Company (NYSE:GE)’s orders which keep coming, it is safe to conclude that the company’s future is too bright to view with the naked eye. But even more important, these profit opportunities are coming at time when the company has already plug financial holes and shrunken its other operations for reasons of efficiency.
