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    NEWS | Sikorsky
    #Balance

    Lockheed Martin Year 2018 Results


    Sikorsky had a lower volume of Black Hawk family production but a higher volume of CH-53K development. They were 125 helicopters deliveries in 2018 compared to 180 in 2017

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    Lockheed Martin Year 2018 Results


    Lockheed Martin, January 29, 2019 - BETHESDA, MD - Lockheed Martin Corporation today reported fourth quarter 2018 net sales of $14.4 billion, compared to $13.8 billion in the fourth quarter of 2017.

    Full year 2018 reported net sales of $53,762 billion, compared to $49,960 billion of 2017.

    Rotary and Mission Systems

    The Rotary and Mission Systems (RMS) sector reported $14,250 million sales in 2018 against $13,663 million in 2017.

    RMS' net sales in the fourth quarter of 2018 decreased $146 million, or 4 percent, compared to the same period in 2017.

    The decrease was primarily attributable to lower net sales of approximately $75 million for Sikorsky helicopter programs, which reflect lower volume for Black Hawk production, partially offset by higher volume for mission systems programs; and about $60 million for C6ISR (command, control, communications, computers, cyber, combat systems, intelligence, surveillance, and reconnaissance) programs due to lower volume on multiple programs.

    RMS' operating profit in the fourth quarter of 2018 increased $43 million, or 17 percent, compared to the same period in 2017. Operating profit increased approximately $70 million for Sikorsky helicopter programs due to higher risk retirements, better cost performance across the Sikorsky portfolio and better cost performance on the Multi-Year IX contract. This increase was partially offset by a decrease of $20 million for integrated warfare systems and sensors (IWSS) programs primarily due to reserves recorded for performance matters on two programs. Adjustments not related to volume, including net profit booking rate adjustments and other items, were about $45 million higher in the fourth quarter of 2018 compared to the same period in 2017.

    Helicopter deliveries

    Segment20172018
    Government164107
    Commercial75
    International customers913
    Total180125


    RMS' net sales in 2018 increased $587 million, or 4 percent, compared to 2017. The increase was primarily attributable to higher net sales of approximately $525 million for IWSS programs due to higher volume (primarily radar surveillance systems programs and Multi Mission Surface Combatant); and about $250 million for C6ISR programs due to higher volume on multiple programs.

    These increases were partially offset by a decrease of approximately $270 million for Sikorsky helicopter programs, which reflect lower volume for Black Hawk production, partially offset by higher volume for CH-53K King Stallion development and for mission systems programs.

    RMS' operating profit in 2018 increased $400 million, or 44 percent, compared to 2017. Operating profit increased approximately $185 million for C6ISR programs due to charges of $120 million for performance matters on the EADGE-T contract, recorded in 2017 but which did not recur in 2018, and due to higher risk retirements (primarily undersea systems programs); about $155 million for Sikorsky helicopter programs due to better cost performance across the Sikorsky portfolio and better cost performance on the Multi-Year IX contract; and about $105 million for IWSS programs due to higher risk retirements and higher volume (primarily Aegis). Adjustments not related to volume, including net profit booking rate adjustments and other items, were about $185 million higher in 2018 compared to 2017.

    Insurance and Pension


    In December 2018, certain of the corporation's pension plans used pension trust assets to purchase group annuity contracts from insurance companies for $2.6 billion.

    - One such contract transferred $1.8 billion of our outstanding defined benefit pension obligations related to approximately 32,000 U.S. retirees and beneficiaries to an insurance company. As a result of this transaction, the insurance company is now required to pay and administer the retirement benefits owed to these retirees and beneficiaries.

    - The second transaction requires another insurance company to reimburse our pension trust fund for all future benefit payments made to approximately 9,000 U.S. retirees and beneficiaries under a group annuity contract purchased for $0.8 billion.






    This article is listed in :
    Sikorsky
    --Helicopters Markets & Finance
    See also Sikorsky’s Top Moments of 2018
    See also Chile Received First Three S-70i Black Hawk
    See also First Deployment of Canadian CH-148 Cyclone
    See also First CH-53K Delivered to US Marine Corps
    What links here :
    Bell Helicopters 2018 Review


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