GenCorp.'s revenue up, but profits down

Published: Thursday, Oct. 11, 2012 - 12:00 am | Page 6B
Last Modified: Sunday, Oct. 14, 2012 - 11:35 am

GenCorp., parent company of rocket maker Aerojet, on Wednesday reported higher revenue in the third quarter, primarily because of increased deliveries on its defense and aerospace contracts.

The Rancho Cordova company said net sales in the third quarter of 2012 totaled $244.9 million, up from $226.2 million in the third quarter of 2011.

The higher revenue didn't translate into higher profits, however. GenCorp. reported a net loss of $9.5 million, or 16 cents a share, for the third quarter. That compares with a profit of $1.2 million, or 2 cents a share, in the same period last year.

The loss stemmed partly from a higher income tax provision and $4.1 million in expenses associated with GenCorp.'s pending $550 million purchase of defense contractor Pratt & Whitney Rocketdyne from United Technologies Corp.

GenCorp.'s stock closed Wednesday up 15 cents at $9.83 a share on the New York Stock Exchange.

© Copyright The Sacramento Bee. All rights reserved.

Read more articles by Mary Lynne Vellinga



Sacramento Bee Job listing powered by Careerbuilder.com
Quick Job Search
Sacramento Bee Jobs »
Buy
Used Cars
Dealer and private-party ads
Make:

Model:

Price Range:
to
Search within:
miles of ZIP

Advanced Search | 1982 & Older

TODAY'S CIRCULARS