Sikorsky’s commercial outlook dims due to sluggish oil market
January 28, 2016 By Reuters
Lockheed Martin on Tuesday said commercial helicopter sales for its Sikorsky Aircraft unit this year were expected to be about $375 million, half the level projected last summer, due to the sustained drop in world oil prices.
“I think the biggest change that we are seeing from when we announced this deal is the changes in sort of the OEM helicopter sales in the commercial marketplace, obviously driven by the oil and gas marketplace as we sit here today,” Lockheed Chief Financial Officer Bruce Tanner said in an earnings call.
Lockheed expected the unit’s commercial helicopter sales to be about $750 million, down from a 2014 peak of $1.5 billion, when it announced in July plans to buy the maker of Black Hawk helicopters from United Technologies, Tanner said. | READ MORE