GenCorp loses money in 1st quarter

GenCorp loses money in 1st quarter, hurt in part by higher costs and expenses

Associated Press

SACRAMENTO, Calif. (AP) -- GenCorp, which makes aerospace and defense products and systems, reported a loss for its fiscal first quarter, dragged down by higher costs and expenses and an increased income tax provision.

For the three months ended Feb. 28, GenCorp Inc. lost $14 million, or 24 cents per share. That compares with a profit of $2.4 million, or 4 cents per share, a year earlier.

GenCorp's income tax provision more than doubled to $4.9 million from $2.3 million.

Total operating costs and expenses increased to $241.8 million from $191.4 million.

Revenue climbed 21 percent to $243.7 million from $201.9 million, buoyed by increased deliveries of missiles and products for a high altitude area defense program. An extra week in the quarter this year added $14.1 million in sales.

Revenue for its real estate segment, which includes activities related to the sale and leasing of the company's excess real estate assets, slipped to $1.4 million from $1.6 million.

Shares of GenCorp rose 2 cents to $13.81 in midday trading on Friday. Its shares are near the upper end of their 52-week range of $5.69 to $13.87.

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