The Middletown Press (Middletown, CT)
Sikorsky copter earnings continue to fall
Helicopter programs continue to take a hit at Sikorsky, according to parent company Lockheed Martin.
The Stratfordbased subsidiary was largely to blame for a 4 percent decrease in net sales of Lockheed’s rotary and mission systems. The segment dipped by $139 million last quarter compared to the same period last year, according to the company’s thirdquarter earnings report.
“The decrease was primarily attributable to lower net sales of approximately $160 million for Sikorsky helicopter programs due to lower volume primarily (of ) Black Hawk production and mission systems programs,” the report said.
The decrease was partially offset by a $40 million increase in sales for C6ISR programs, according to Lockheed Martin.
The Marylandbased company does not break out Sikorsky sales from other business units in the division.
Despite the dip, Lockheed Martin reported $15.2 billion in net sales for the quarter, up from $14.3 billion from the same period last year. Earnings also increased from $1.4 billion in the third quarter of 2018 to $1.6 million this year.
Sikorsky is still sitting on more than $1.7 billion in production contracts it secured last quarter, which are included in prospective defense spending.
Legislation that would authorize the spending is awaiting a final vote by the Senate. If approved, it could mean a surge of production and employment for the helicopter makers.