GenCorp Inc., the Rancho Cordova-based rocket engine manufacturer, saw a year-over-year sales revenue improvement in this year’s third quarter, but its bottom line was affected by a couple of significant sector losses.
The parent of Aerojet Rocketdyne reported Friday that net sales for its fiscal third quarter ended Aug. 31 totaled $419.5 million, compared with $367.5 million in the same quarter of 2013.
However, GenCorp amassed a net third-quarter loss of $9.5 million, or 17 cents a share, compared with net income of $197.4 million, or $2.39 per share, in last year’s third quarter. The company cited a pre-tax contract loss of $17.5 million on a rocket engine program and a pre-tax charge of $9.8 million related to corporate financing.
GenCorp also noted that net income in last year’s third quarter was boosted by a $206.6 million income tax benefit.
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Through nine months, GenCorp losses totaled $61.8 million, or $1.06 a share, compared with net income of $171.6 million, or $2.13 a share, in the year-ago period.
GenCorp bought Rocketdyne for $550 million last year in a takeover that was completed in December.
Call The Bee’s Mark Glover, (916) 321-1184.