GenCorp Inc. reported a fourth-quarter profit Friday, compared to a loss a year ago, even though revenue declined at the Rancho Cordova rocket-engine manufacturer.
The parent of Aerojet Rocketdyne said it earned $10.1 million in the quarter, or 15 cents a share. That compared to a loss of $3.7 million a year ago. However, revenue dropped to $439.6 million from $485.3 million.
GenCorp blamed the revenue decline on lower sales in three significant contracts with NASA and the military. Despite the decline, President and Chief Executive Scott Seymour said the company was “particularly pleased with the progress that has been made during the fourth quarter in moving toward a more fully integrated business following the acquisition of Rocketdyne in 2013.”
For the full year, the company reported a $53 million loss, or 92 cents a share. That compared to profits of $167.9 million a year earlier. Revenue grew to $1.60 billion from $1.38 billion.
The higher revenue was due primarily to the inclusion of a full year’s worth of sales from Rocketdyne, which GenCorp bought in June 2013.
GenCorp shares closed at $16.80, down 29 cents, on the New York Stock Exchange.