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Monday, January 25, 2016

Report: Sikorsky Profited Even During Own Sale

Sikorsky’s financial data shows substantially increased profits throughout most of 2015 in spite of its changing hands from United Technologies Corp. (UTC) to Lockheed Martin.
L-M released a statement to the U.S. Securities and Exchange Commission (SEC) Wednesday showing Sikorsky’s financial data over the past two years (separated from those of its former parent company, UTC). SEC rules require any firm that acquires another company to report two years of that company’s stand-alone financial data.
The unaudited interim condensed combined statement of operations shows that during the first nine months of 2015, Sikorsky made a net income of $52 million with revenues of roughly $4.35 billion. Conversely, the same report made in 2014 would have seen Sikorsky suffer a net loss of $38 million despite 19% higher revenue of $5.37 billion.
L-M would not comment by press time as to whether improved net income resulted from lower operating costs in 2015. UTC announced in June at the Paris Air Show that it would divest its former rotorcraft-manufacturing subsidiary. It completed the sale to L-M in November.
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