GenCorp Inc., the parent of Aerojet Rocketdyne, has reported a first-quarter loss amid declining revenue.
The Rancho Cordova rocket-engine maker said it lost $3.9 million in the quarter compared with a $2.3 million loss a year earlier. Revenue fell to $318.6 million from $332.1 million.
GenCorp’s disclosure, announced late Thursday, came a month after the company said it would trim 500 jobs over the next four years in a cost-cutting drive. About half of the layoffs are expected to take place in Rancho Cordova, where employment totals 1,600. The company is aiming to trim annual costs by $145 million.
In reporting the quarterly loss, GenCorp said it suffered declining sales in three of its engine programs.
Meanwhile, GenCorp also disclosed in a U.S. Securities and Exchange Commission filing that it has agreed to sell an unnamed energy business to TerraDyne Energy Technology Inc. for $12.5 million. GenCorp expects to make a $10 million profit on the sale.
GenCorp shares closed at $21.55, down $1.21, on the New York Stock Exchange.
The company previously announced it would retire the GenCorp name in favor of Aerojet Rocketdyne Holdings Inc., effective in late April.