GenCorp.'s revenue up, but profits down
10/11/2012 12:00 AM
10/14/2012 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.
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