Aerojet reports improved first-quarter results

Aerojet Rocketdyne Holdings Inc. reported better quarterly sales and profits Tuesday, citing improved results in its core aerospace business.

The Rancho Cordova rocket engine maker said it earned $5.1 million, or 8 cents a share, in the first quarter. That compared with a loss of $3.3 million, or 6 cents a share, a year earlier.

Revenue increased to $356.9 million from $323 million a year ago.

The results suggest a rebound of sorts from a difficult 2015, when the company paid a $50 million settlement to a customer over damages from a launchpad explosion of a rocket powered by an engine refurbished by Aerojet. That payment left Aerojet with a loss for the full year of $16 million.

Aerojet shares closed at $18.05, up 24 cents, on the New York Stock Exchange. The earnings figures were released after the market closed.

This story was originally published May 10, 2016 at 2:32 PM with the headline "Aerojet reports improved first-quarter results."