Lockheed CFO: commercial sales at Sikorsky likely to stay flat

Lockheed Martin Executive Vice President and Chief Financial Officer Bruce Tanner told an aerospace conference last week that the company”™s Sikorsky division is underperforming.

Bruce Tanner Sikorsky Lockheed Martin — Tanner

According to Inside Defense, Tanner told the Cowen & Co. Aerospace/Defense & Industrials Conference on Feb. 8 that he expects Sikorsky ”“ the Shelton aircraft manufacturer that Lockheed acquired in 2015 for nearly $9 billion ”“ to experience flat commercial sales for at least the short term.

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

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