Canadian Maritime H-92 hits Sikorsky parent UTC results

Canadian Maritime H-92 hits Sikorsky parent UTC results

24-Jan-2013 Source:

UTC, the parent company of Sikorsky, reported its fourth quarter and full year results yesterday.  In a very telling section of the press release, they admit that “earnings per share [of parent UTC] of $1.04 were down 27%” and of that, “results included a $0.12 charge recorded at Sikorsky related to the Canadian Maritime Helicopter program“.  The detail is that the “Earnings Per Share of Common Stock – Diluted”, subtitle “From continuing operations” fell 27% from $1.42 to $1.04.

So, the Canadian Maritime Helicopter program contributed $0.12 of the $0.38 drop in group earnings per share.  Consider that against the fact that Sikorsky only contributes 11.8% of UTC’s turnover – $6,791B out of $57.708B

The annual numbers also showed Sikorsky were
* 7.7% down on turnover to $6.791B from $7.355B
* 15.2% down on operating profit to $712M from $840M
* Profit margin was down from 11.4% to 10.5%

See the full release with financial statements here

Jeremy Parkin –

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