Jeff Sprague (Citi Investment): Is there a strategic nuance in holding this liquidity pool at the parent?
Keith Sherin: It gives us maximum flexibility.
Nigel Coe (Deutsche Bank): Services is the big driver of profitability for infrastructure and service orders were up. Is that strength surprising you?
Keith Sherin: You are going to see double digit services here for a while. There are two main things going on. One is the install base growth, there’s half of the CFM mix generation engines haven’t even come in for an overhaul yet and they’re out there flying.
The other thing is we have had a great amount of business on upgrades. If you think about it if you can take an asset they’re using out there and either get more productivity or more fuel efficiency you’re going to invest in it. It’s cheaper than doing a whole replacement cycle.
We have seen a tremendous business in that on everything in oil and gas to aviation and energy. You are going to see the install base effects coming in for more overhauls just based on usage and then you are also continue to see a lot of great upgrade business because of the economics associated with the fuel efficiency or more extraction or more distribution from having a higher capability piece of equipment there.
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