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GenCorp earns $15.6 million in third quarter
By Clint Swett - Bee Staff Writer
Published 11:27 am PDT Wednesday, September 26, 2007
GenCorp Inc. reported its third-consecutive profitable quarter on Monday, boosted by gains in the company's defense and aerospace business.
For the third quarter, the Rancho Cordova-based company earned $15.6 million, a sharp improvement over the loss of $13.1 million in the same period a year earlier. Revenue soared 25.4 percent to $198.5 million, largely on the strength of higher sales in space and defense programs, including NASA's Orion program and missile programs.
Earnings were also aided by a reduction in pension plan expenses, which shrunk to $5.6 million in the quarter, from $10.8 million a year ago.
"It's been a successful year for us," said Terry Hall, GenCorp's president and chief executive. "Our strategy to focus on space propulsion and missile defense ... has driven our success."
The results appeared to please Wall Street, which bid up GenCorp stock by 83 cents to $12.14 in midday trading on the New York Stock Exchange.
About the writer:
- The Bee's Clint Swett can be reached at (916) 321-1976 or cswett@sacbee.com.
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