HARTFORD, Conn. - The chief financial officer of United Technologies Corp. says the European economy is beginning to recover, but the U.S. military is sharply cutting spare parts orders for subsidiary helicopter maker Sikorsky Aircraft Corp.
CFO Greg Hayes told investors and analysts Tuesday that Europe's economy has bottomed out from a "very low base."
In June, Hayes called Europe a drag, saying it was a little worse than expected in helping generate revenue. Net sales in Europe accounted for 26 per cent of United Technologies' 2012 sales.
Hayes said military spare parts and service at Sikorsky are down 50 per cent, due to automatic federal budget cuts imposed in March and reduced U.S. involvement in Afghanistan.
Sikorsky, based in Stratford, Conn., maker of the Black Hawk helicopter, has announced 400 job cuts this year.
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