ABB Wins Shore-to-Ship Power Technology Contract In Canada

Premium robotics and power grid solutions provider ABB Ltd (NYSE:ABB) recently clinched a contract from Vancouver Fraser Port Authority. The project falls under the joint initiative of the federal government and Vancouver Fraser Port Authority to mitigate the environmental impact.

The Shore-to-Ship Power Technology Contract

As per the contract, ABB will provide shore-to-ship power technology solution which would allow ships to connect to the electrical grid of Canadian utility, BC Hydro, in place of using diesel generators. The company has decided to offer the design, engineering and key technology solutions, including the high voltage shore connection system, with control, protection and communication capabilities.

ABB’s technology solution includes substations that can furnish to 50Hz as well as 60Hz vessels along with automation panels and on-board connections. The solution will allow ships to connect to an onshore power source, without interrupting on-board services by shutting down their engines while berthed.

Long-Term Prospects

ABB has garnered a solid reputation for winning strategic awards and forging important partnerships. For instance, it secured a deal with Fluor Corporation (NYSE:FLR) to cater to the growing needs of power grids worldwide for safe, dependable and state-of-the-art electrical substations. Further, the company entered into an agreement to partner with Aibel to deliver offshore wind integration solutions.

Over the past six months, the Zacks Rank #3 (Hold) stock has returned 2.6% against the industry’s decline of 2.5%. The Zacks Consensus Estimate for full-year 2017 earnings has remained same at $1.22 over the past two months with one upward and downward estimate revision each.

ABB is one of the best-managed industrial infrastructure, power and automation companies in the world that stands to benefit from investments made in the upgrade of power infrastructure. Over the long haul, the company believes its prospects are bright for all three major markets, namely, utilities, industry and transport & infrastructure. The company expects utility customers to invest further in transmission and distribution projects and renewable sources like solar and wind.

Stocks to Consider

Some better-ranked stocks in the sector are Barnes Group, Inc. (NYSE:B) and Worthington Industries, Inc. (NYSE:WOR) . Both these companies carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Barnes Group has an average positive earnings surprise of 11.6% for the last four quarters, having beaten estimates all through.

Worthington Industries has an average positive earnings surprise of 4.1% for the last four quarters, having beaten estimates twice over the last four quarters.

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