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MarketScreener Homepage  >  Equities  >  Tokyo  >  Mitsubishi Heavy Industries Ltd    7011   JP3900000005

MITSUBISHI HEAVY INDUSTRIES LTD

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GE books more power plant orders, beats Mitsubishi, Siemens - sources

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05/14/2019 | 01:17pm EDT
FILE PHOTO: The logo of US conglomerate General Electric is pictured at the company's site of its energy branch in Belfort

NEW YORK (Reuters) - General Electric Co won the most orders in the sharply contracting market for new gas-fired power plants in the first quarter, according to people familiar with the matter.

But GE faces rising competition, complicating new Chief Executive Larry Culp's efforts to turn around the company's ailing power unit.

GE booked six orders for its advanced, HA-class turbines in the quarter, up from none a year ago, according to three people familiar with the situation and an industry report seen by Reuters on Tuesday. Rival Mitsubishi Hitachi Power Systems (MHPS) booked five orders, while Siemens AG booked four, the sources said.


For a graphic, see:https://tmsnrt.rs/2LyarvN

The standings highlight an intensifying battle for sales of these newest, most efficient "advanced class" generators capable of powering thousands of homes.

Demand for gas turbines has fallen by half since 2014 as utilities rely more on wind, solar and power conservation. GE's share is shrinking. It ranked second for advanced turbine orders in 2018 and is shutting manufacturing sites and laying off workers to reduce costs.

GE confirmed to Reuters it had booked three additional orders in the first quarter that were not counted in its first-quarter earnings report. The three additional units, sold to Tokyo Electric Power Co in Japan, were included in the closely watched McCoy Power Report published on Tuesday. McCoy declined to comment.

Siemens and MHPS also confirmed their tallies with Reuters.

GE has dominated power-plant sales for decades and has installed more than 7,500 gas turbines around the globe. But its position has weakened. Its backlog of power equipment orders is down 1.5% from a year ago, and GE faced pressure after an HA turbine broke at a plant in Texas last year, forcing GE to replace blades in dozens of plants.

Power was once GE's largest unit, but it has been a drag on the company's earnings. GE lost $22.8 billion (17.6 billion pounds) last year due to a $22 billion write-down of power assets and an $872 million operating loss in its power unit.

GE Power posted an $80 million profit in the first quarter of this year, after Culp restructured the unit in October to separate gas power from other types of power.

Culp warned at GE's annual meeting last Wednesday that the relatively strong first-quarter performance was not a trend, and remaining quarters would likely be weaker.

Siemens, meanwhile, said this week that it will spin off its oil and gas, power-plant and grid businesses along with its 59% stake in Siemens Gamesa Renewable Energy to allow them to grow without competing for capital with higher-margin Siemens businesses. It plans to list the new company publicly by September 2020.

(Reporting by Alwyn Scott; editing by Jonathan Oatis)

By Alwyn Scott

Stocks mentioned in the article
ChangeLast1st jan.
FIRST SOLAR, INC. -3.43% 60.89 Delayed Quote.43.42%
GENERAL ELECTRIC COMPANY -2.69% 7.97 Delayed Quote.5.28%
MITSUBISHI HEAVY INDUSTRIES LTD -0.08% 3990 End-of-day quote.3.42%
ONE STOP SYSTEMS INC -3.78% 1.78 Delayed Quote.-8.25%
SIEMENS AG -0.83% 88.19 Delayed Quote.-9.44%
SIEMENS GAMESA RENEWABLE ENERGY 0.25% 12.215 End-of-day quote.14.80%
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Financials (JPY)
Sales 2020 4 261 B
EBIT 2020 219 B
Net income 2020 112 B
Debt 2020 596 B
Yield 2020 3,71%
P/E ratio 2020 12,2x
P/E ratio 2021 10,5x
EV / Sales2020 0,45x
EV / Sales2021 0,45x
Capitalization 1 340 B
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Mean consensus HOLD
Number of Analysts 13
Average target price 4 773,08  JPY
Last Close Price 3 990,00  JPY
Spread / Highest target 44,1%
Spread / Average Target 19,6%
Spread / Lowest Target -2,26%
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Managers
NameTitle
Shunichi Miyanaga President, CEO & Representative Director
Hideaki Omiya Chairman
Masanori Koguchi CFO, Representative Director & EVP
Christina Ahmadjian Independent Outside Director
Naoyuki Shinohara Independent Outside Director
Sector and Competitors
1st jan.Capitalization (M$)
MITSUBISHI HEAVY INDUSTRIES LTD3.42%12 688
HONEYWELL INTERNATIONAL18.45%112 596
3M COMPANY-18.21%89 657
SIEMENS AG-9.44%77 596
GENERAL ELECTRIC COMPANY8.19%69 555
ILLINOIS TOOL WORKS19.83%47 344