Latest news with #CH-148Cyclone
Mint
22-07-2025
- Business
- Mint
Lockheed Martin Q2 Results: Defence equipment maker's net profit tanks 80%, revenue down to $18.16 billion
July 22 (Reuters) - Lockheed Martin reported on Tuesday that its second-quarter profit plunged by about 80%, after the U.S. defense group recorded a pretax loss of $1.6 billion, mainly linked to a classified program within its Aeronautics segment. The company's shares fell 7.9% in premarket trading as the company also trimmed its 2025 profit estimate by $1.5 billion or 18% and said it now targets $6.65 billion in operating profit for the year. This new guidance, revised down since the company's last estimate in April, did not include potential impacts from tariffs which have impacted other defense companies with international customers. "Overall, the company's foundation remains solid and resilient," Chief Executive Jim Taiclet said in the company's earnings statement. Net income fell to $342 million, or $1.46 per share, compared with $1.64 billion, or $6.85 per share, a year earlier. Lockheed said the charge stemmed from difficulties with a classified program in its Aeronautics business and several international helicopter programs in its Sikorsky unit. Defense contractors are grappling with mounting cost pressures as inflation and supply chain disruptions drive up expenses on long-term programs priced years ago. Many of these contracts — often fixed-price — were negotiated before the post-pandemic surge in labor, material, and component costs, forcing contractors such as Lockheed to absorb overruns. Apart from the $950 million charge on the classified program, Lockheed took a $570 million hit on its work for the Canadian government relating to the procurement of its CH-148 Cyclone maritime helicopters. "The company is in ongoing discussions with the customer regarding a potential restructure to certain contractual terms and conditions and to expand the scope of work that would be beneficial to both parties," Lockheed said of the program. Excluding these charges, however, the group posted an adjusted profit of $7.29 per share, beating an average estimate of $6.44 per share according to data compiled by LSEG. Lockheed missed Wall Street estimates for second-quarter revenue, which came in at $18.16 billion, compared with an average expectation of $18.57 billion. (Reporting by Utkarsh Shetti in Bengaluru and Mike Stone in Washington; Editing by Tasim Zahid and David Holmes)
Business Times
22-07-2025
- Business
- Business Times
Lockheed Martin's Q2 profit plummets on US$1.6 billion charge
[WASHINGTON] Lockheed Martin reported on Tuesday (Jul 22) that its second-quarter profit plunged by about 80 per cent, after the US defence giant recorded pre-tax losses of US$1.6 billion, mainly linked to a classified programme within its Aeronautics segment. Net income fell to US$342 million, or US$1.46 per share, compared with US$1.64 billion, or US$6.85 per share, a year earlier. Lockheed said the charge stemmed from difficulties with a classified programme in its Aeronautics business and certain international helicopter programmes in its Sikorsky unit. Defence contractors are grappling with mounting cost pressures as inflation and supply chain disruptions drive up expenses on long-term programmes priced years ago. Many of these contracts – often fixed-price – were negotiated before the post-pandemic surge in labour, material, and component costs, forcing contractors such as Lockheed to absorb overruns. Apart from the US$950 million charge on the classified programme, Lockheed took a US$570 million hit on its work for the Canadian government relating to the procurement of its CH-148 Cyclone maritime helicopters. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'The Company is in ongoing discussions with the customer regarding a potential restructure to certain contractual terms and conditions and to expand the scope of work that would be beneficial to both parties,' Lockheed said of the programme. Excluding these charges, however, the defence giant posted an adjusted profit of US$7.29 per share, beating estimates of US$6.44 per share, per data compiled by LSEG. 'Overall, the company's foundation remains solid and resilient,' chief executive Jim Taiclet said in the company's earnings statement. Lockheed also missed Wall Street estimates for second-quarter revenue, which came in at US$18.16 billion, compared with expectations of US$18.57 billion. REUTERS
The Province
31-05-2025
- General
- The Province
Why Canadian military's Cyclone helicopters were grounded for 27 days in May
'Questions emerged in late April about whether various spare parts for the aircraft were potentially in use beyond their service life' Members of the Helicopter Air Detachment aboard HMCS MONTREAL conduct helicopter hoist drills with a CH-148 Cyclone helicopter, call sign Strider, during Operation REASSURANCE on Feb. 13, 2022. Photo by Corporal Braden Trudeau / Forces armées canadiennes The Canadian military's Cyclone helicopters weren't flying for 27 days in May due to a lack of spare parts, and only one of them is now able to take to the skies. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Canada has 26 of the ship-borne maritime helicopters, with a final one slated for delivery this year. The $5.8-billion fleet is normally used to provide air support for the Royal Canadian Navy. Their missions include surface and subsurface surveillance, search and rescue, and anti-submarine warfare. 'On May 1, the Commander of 1 Canadian Air Division ordered a temporary pause to flying operations for the CH-148 Cyclone fleet, after questions emerged in late April about whether various spare parts for the aircraft were potentially in use beyond their service life. The temporary pause to flying operations was lifted as of May 27,' Kened Sadiku, who speaks for the Department of National Defence (DND), said in an email. Essential reading for hockey fans who eat, sleep, Canucks, repeat. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 'Certain aircraft components have a defined service life to ensure continued safety and airworthiness. Because using parts beyond their defined service life would pose risks to the safety of personnel and equipment, the decision was made to temporarily pause flight operations until certainty is regained.' Read More DND, the military and Sikorsky, which manufactured the helicopters, 'have been working together to identify potential parts of concern. This includes components of the Cyclone's landing gear, tail rotor driveshaft flange and auxiliary power unit, as well as engine parts,' Sadiku said. This advertisement has not loaded yet, but your article continues below. As of this past Wednesday, one Cyclone, now on deployment, returned to flying operations, he said. 'The team works to do the same for the rest of the fleet.' The Cyclone 'fleet is currently facing some challenges, such as aging datalink systems as well as sensor and other capabilities that are overdue for important upgrades,' he said. 'Specific details, however, cannot be provided for reasons of operational security.' Military and government officials 'are working together with industry partners to determine a way forward for the aircraft and the capabilities it supports,' Sadiku said. 'The Cyclone remains capable of supporting Royal Canadian Navy operations and will continue to do so for the foreseeable future.' This advertisement has not loaded yet, but your article continues below. Sadiku wouldn't confirm Sikorsky has put a hefty price tag on replacing the Cyclones' ageing datalinks — used to communicate digital information such as radar images to other aircraft, warships and shore bases. 'The datalink upgrade project is still under evaluation, as such, schedule and costs are still being negotiated.' The military has flown other helicopters off the navy's warships before. 'In the past, CH-146 Griffons have landed on Royal Canadian Navy vessels in certain operational contexts (specifically, the relief efforts to Haiti in the wake of the 2010 earthquake),' Sadiku said. 'However, none of the Royal Canadian Air Force's helicopter fleets (besides the CH-148 Cyclone) are capable of fulfilling the maritime helicopter role in support of the Royal Canadian Navy.' This advertisement has not loaded yet, but your article continues below. Paul Martin's Liberal government announced in 2004 that the Cyclones would replace Canada's ageing fleet of CH-124 Sea King helicopters. 'The Cyclones are what we call an orphan fleet,' said retired colonel Larry McWha, an aviation expert who commanded 423 Maritime Helicopter Squadron at 12 Wing Shearwater, when it flew Sea Kings. That means many suppliers aren't interested in producing parts for the Cyclones, McWha said. 'It's going to cost us money to keep (the fleet) viable.' McWha lives on Nova Scotia's Eastern Shore. 'I used to see Sea Kings flying by here all the time,' he said. 'I have extremely rarely ever seen a Cyclone flying by.' Canada lost a Cyclone on April 29, 2020 when one of the helicopters crashed into the Ionian Sea, claiming the lives of six Canadian Armed Forces members. Months later, senior military officials said there was a 'conflict' or 'competition' between the Cyclone and its pilot moments before the aircraft, known as Stalker 22, plunged into the water off the coast of Greece. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here. News BC Lions Local News Vancouver Whitecaps News
Vancouver Sun
30-05-2025
- Business
- Vancouver Sun
Why Canadian military's Cyclone helicopters were grounded for 27 days in May
The Canadian military's Cyclone helicopters weren't flying for 27 days in May due to a lack of spare parts, and only one of them is now able to take to the skies. Canada has 26 of the ship-borne maritime helicopters, with a final one slated for delivery this year. The $5.8-billion fleet is normally used to provide air support for the Royal Canadian Navy. Their missions include surface and subsurface surveillance, search and rescue, and anti-submarine warfare. 'On May 1, the Commander of 1 Canadian Air Division ordered a temporary pause to flying operations for the CH-148 Cyclone fleet, after questions emerged in late April about whether various spare parts for the aircraft were potentially in use beyond their service life. The temporary pause to flying operations was lifted as of May 27,' Kened Sadiku, who speaks for the Department of National Defence (DND), said in an email. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'Certain aircraft components have a defined service life to ensure continued safety and airworthiness. Because using parts beyond their defined service life would pose risks to the safety of personnel and equipment, the decision was made to temporarily pause flight operations until certainty is regained.' DND, the military and Sikorsky, which manufactured the helicopters, 'have been working together to identify potential parts of concern. This includes components of the Cyclone's landing gear, tail rotor driveshaft flange and auxiliary power unit, as well as engine parts,' Sadiku said. As of this past Wednesday, one Cyclone, now on deployment, returned to flying operations, he said. 'The team works to do the same for the rest of the fleet.' The Cyclone 'fleet is currently facing some challenges, such as aging datalink systems as well as sensor and other capabilities that are overdue for important upgrades,' he said. 'Specific details, however, cannot be provided for reasons of operational security.' 'The Cyclone remains capable of supporting Royal Canadian Navy operations and will continue to do so for the foreseeable future.' Sadiku wouldn't confirm Sikorsky has put a hefty price tag on replacing the Cyclones' ageing datalinks — used to communicate digital information such as radar images to other aircraft, warships and shore bases. 'The datalink upgrade project is still under evaluation, as such, schedule and costs are still being negotiated.' The military has flown other helicopters off the navy's warships before. 'In the past, CH-146 Griffons have landed on Royal Canadian Navy vessels in certain operational contexts (specifically, the relief efforts to Haiti in the wake of the 2010 earthquake,' Sadiku said. 'However, none of the Royal Canadian Air Force's helicopter fleets (besides the CH-148 Cyclone) are capable of fulfilling the maritime helicopter role in support of the Royal Canadian Navy.' Paul Martin's Liberal government announced in 2004 that the Cyclones would replace Canada's ageing fleet of CH-124 Sea King helicopters. 'The Cyclones are what we call an orphan fleet,' said retired colonel Larry McWha, an aviation expert who commanded 423 Maritime Helicopter Squadron at 12 Wing Shearwater, when it flew Sea Kings. That means many suppliers aren't interested in producing parts for the Cyclones, McWha said. 'It's going to cost us money to keep (the fleet) viable.' McWha lives on Nova Scotia's Eastern Shore. 'I used to see Sea Kings flying by here all the time,' he said. 'I have extremely rarely ever seen a Cyclone flying by.' Canada lost a Cyclone on April 29, 2020 when one of the helicopters crashed into the Ionian Sea, claiming the lives of six Canadian Armed Forces members. Months later, senior military officials said there was a 'conflict' or 'competition' between the Cyclone and its pilot moments before the aircraft, known as Stalker 22, plunged into the water off the coast of Greece. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
Calgary Herald
30-05-2025
- Business
- Calgary Herald
Why Canadian military's Cyclone helicopters were grounded for 27 days in May
Article content The Canadian military's Cyclone helicopters weren't flying for 27 days in May due to a lack of spare parts, and only one of them is now able to take to the skies. Article content Article content Canada has 26 of the ship-borne maritime helicopters, with a final one slated for delivery this year. The $5.8-billion fleet is normally used to provide air support for the Royal Canadian Navy. Their missions include surface and subsurface surveillance, search and rescue, and anti-submarine warfare. Article content Article content 'On May 1, the Commander of 1 Canadian Air Division ordered a temporary pause to flying operations for the CH-148 Cyclone fleet, after questions emerged in late April about whether various spare parts for the aircraft were potentially in use beyond their service life. The temporary pause to flying operations was lifted as of May 27,' Kened Sadiku, who speaks for the Department of National Defence (DND), said in an email. Article content Article content 'Certain aircraft components have a defined service life to ensure continued safety and airworthiness. Because using parts beyond their defined service life would pose risks to the safety of personnel and equipment, the decision was made to temporarily pause flight operations until certainty is regained.' Article content Article content DND, the military and Sikorsky, which manufactured the helicopters, 'have been working together to identify potential parts of concern. This includes components of the Cyclone's landing gear, tail rotor driveshaft flange and auxiliary power unit, as well as engine parts,' Sadiku said. Article content Article content As of this past Wednesday, one Cyclone, now on deployment, returned to flying operations, he said. 'The team works to do the same for the rest of the fleet.' Article content The Cyclone 'fleet is currently facing some challenges, such as aging datalink systems as well as sensor and other capabilities that are overdue for important upgrades,' he said. 'Specific details, however, cannot be provided for reasons of operational security.' Article content Military and government officials 'are working together with industry partners to determine a way forward for the aircraft and the capabilities it supports,' Sadiku said.
