GenCorp reports $3.9 million quarterly loss

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.

This story was originally published April 10, 2015 at 7:55 AM with the headline "GenCorp reports $3.9 million quarterly loss."