General Electric Company (NYSE:GE) [Detail Analytic Report] inched up in before market session on on Wednesday as it desired to become a major player in offshore wind industry and is interested in buying the Areva-Gamesa (AREVA) offshore joint venture Adwen, GE’s new head of renewables said on Tuesday. After its takeover of the energy assets of French Alstom (ALSO), GE in November 2015 created a global renewable energy business unit with sales of 9 billion euros ($10.42 billion), staff of 13,000, and its headquarters in France.
The resulting enlarged unit has built about 25 percent of the world’s installed base of hydropower and more than 20 percent of global onshore wind capacity, but has virtually no presence in the capital-intensive offshore business, which GE had always steered clear of. “We have the ambition to become one of the three major players in the offshore wind market,” GE renewables head Jerome Pecresse told reporters in Paris on Tuesday.
Colfax Corporation (NYSE:CFX) [Detail Analytic Report] released that its financial results for the first quarter ended April 1, 2016. Net sales were $876.8 million in the first quarter, a decrease of 3.8% from the prior year. Net sales decreased 0.3% organically compared to the first quarter of 2015. President and Chief Executive Officer, Matthew Trerotola stated that they are pleased to report operating results that were in line with the expectations we discussed in December. They are making very good progress on their cost reduction initiatives, but their progress on growth initiatives continues to be largely offset by the choppy end market environment. While end market trends are mixed, solid performance in our shorter-cycle and aftermarket businesses is expected to largely offset the increased risk to project bookings for the balance of the year.
Headwaters Incorporated (NYSE:HW) [Detail Analytic Report] released that its results for its Q2 of fiscal 2016. Chairman and Chief Executive Officer of Headwaters, Kirk A. Benson stated that they were extremely pleased with 21% year-over-year revenue growth in their building products segment, of which 16% was organic. It was the highest building products organic growth rate since 2012, and they experienced double digit growth in all four major product groups. Adjusted EBITDA in building products grew by 59%, and Adjusted EBITDA margins expanded by almost 400 basis points. He added, Construction materials Adjusted EBITDA margin was 18.4%, up 60 basis points over last year. The increase in revenue and corresponding margin improvement was primarily the result of increased pricing as fly ash supplies tightened during the unseasonably warm winter months.