Sikorsky posts big gains

Sikorsky Aircraft Corp. earned $103 million on $1.3 billion in revenue in the third quarter, roughly 50 percent gains in both categories due to strong sales and the slow recovery last year from a strike.

The Stratford-based helicopter manufacturer is a division of Hartford-based United Technologies Corp. UTC had third-quarter profits of $1.2 billion on revenue of $13.9 billion, up 20 percent and 14 percent respectively from the third quarter of 2006.

UTC expects 2007 revenue to total $54 billion, up $1 billion from earlier projections.

UTC shares (NYSE: UTX) were up 2 percent on the heels of the announcement. Last month UTC indicated it plans to repurchase $2 billion of stock this year, up from earlier indications of $1.5 billion.
Sikorsky also announced its first contract with the Royal Thai Air Force, for three S-92 helicopters for use transporting members of Thailand”™s royal family.

At this week”™s Seoul Air Show in South Korea, the company delivered three more S-92 helicopters to the South Korean Air Force and announced the sale of three more helicopters to South Korean companies.

In separate Sikorsky news, the company sued an Oregon company over the 2002 crash of a Sikorsky helicopter while logging in British Columbia, killing two people whose estates have since filed two lawsuits against Sikorsky.

Sikorsky claims Croman Corp. modified the helicopter extensively, including installing a gear box with a history of failure on a different aircraft; and removing part of the fuselage to lighten the helicopter so it could lift heavier cargoes.

Separately, the U.S. Air Force”™s second-ranking official in charge of weapons acquisition was found dead at his Virginia home, with early reports suggesting he committed suicide.

Charles Riechers was overseeing the Air Force”™s plans to purchase more than 100 helicopters to rescue pilots downed in enemy territory. Sikorsky and Lockheed Martin Corp. have protested the Air Force”™s initial award of the $15 billion contract to Boeing Co.