The Insider

Lockheed CFO: Sikorsky's revenue 'probably a little lower than we had expected'

February 9, 2018 at 9:44 AM

Bruce Tanner, Lockheed's chief financial officer, said this week Sikorsky's sales, particularly in commercial, are lower than expected.

Speaking at a conference hosted by Cowen, Tanner said it's hard to distinctly identify Sikorsky's performance as some Lockheed work has been merged into Sikorsky. Lockheed acquired Sikorsky in 2015.

But he acknowledged the organization still has seen a tougher time.

“Sikorsky's revenue is probably a little lower than we had expected when we acquired it; definitely in the commercial side it's lower than when we first acquired it,” Tanner said.

He said Lockheed is expecting Sikorsky's commercial sales to remain flat for the next several years.

“We don't have any expectation of commercial bouncing back . . . in that three-year period at all,” he said. “Anything that happened on top of that would be very fortuitous for us.”