Sikorsky reprieve helps UTC profit
United Technologies Corporations (UTC) has posted higher than expected fourth-quarter revenues, after Sikorsky was granted a last-minute reprieve on the delivery of eight CH-148 helicopters to Canada.
UTC reported mixed results in its end of year earnings statement released on 22 January, which revealed a drop in fourth-quarter net profits, and a slight increase in revenues.
In a conference call, Greg Hayes, chief financial officer of United Technologies, said postponing the handover of the CH-148 Cyclones for Canada’s Maritime Helicopter Project (CMHP) had produced a net benefit of 6 cents a share.
‘We did not recognize revenue on any
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