Lockheed Warns of Financial Reporting Issues At Sikorsky
Lockheed Martin is reviewing possible problems with financial reporting controls at its Sikorsky helicopter division.

Lockheed Martin this week warned that "a material weakness in internal control over financial reporting" at its Sikorsky helicopter unit could force it to restate its results in its annual K-10 filing with the Securities and Exchange Commission in February. Lockheed bought Sikorsky from United Technologies for $9 billion in November 2015. No errors have been uncovered so far. In its fourth quarter 2016 earnings call on January 24, Lockheed Martin said that Sikorsky had not been included in an earlier group-wide assessment of internal reporting controls due to normal accounting rules and procedures. CFO Bruce Tanner told analysts that any remediation of the group balance sheet that might be required will likely be completed by the end of this year.