Feb 6 United Technologies Corp's finance
chief on Thursday declined to comment on a report the company
may sell or spin off its Sikorsky helicopter unit, but pointed
to brightening prospects for the maker of Black Hawk
"If we comment on this rumor, we'll have to comment on every
subsequent rumor, so I can't say, 'Yes, we're selling Sikorsky,'
or, 'No, we're not selling Sikorsky,'" said Chief Financial
Officer Greg Hayes, when asked at an investor conference about
last week's report.
Sikorsky generated $6.25 billion in revenue in 2013, a
decline of 7.9 percent, while operating profit fell more than 16
percent to $594 million. It accounted for about 10 percent of
United Tech's overall revenue of $62.6 billion last year.
"The thought today, with the business where it is and the
earnings where they are, there's nothing but upside at Sikorsky
in my view," Hayes said during the presentation at Cowen & Co's
Aerospace/Defense & Transportation Conference.
Sikorsky's results were hurt last year as the military
limited its orders for replacement helicopter parts, Hayes said.
But he said Sikorsky now has opportunities with U.S.
contracts for a combat rescue helicopter and a presidential
helicopter, as well as "a huge international market in place
that's going to play out."
Sikorsky "has a very bright future but a tough couple of
years," Hayes said. "You want assets that are going to grow, and
that's where we see Sikorsky today."