GenCorp Q1 Sales Rise, but Net Drops

By Eric Volkman – Apr 5, 2013 at 8:37PM

NYSE: AJRD

Aerojet Rocketdyne

The Rocketdyne acquisition and higher retirement benefit expenses hit the company's bottom line.

GenCorp (AJRD) results for the company's fiscal Q1 2013 have been unveiled. For the quarter, net sales saw a jump on a year-over-year basis, to $244 million, from the $202 million in the same period of 2012. That wasn't the case with the bottom line, however. The firm swung to a net loss of $14.0 million ($0.24 per diluted share), compared to Q1 2012's profit of $2.4 million ($0.04).

The company attributed the shortfall of the latest quarter to, among other factors, a rise of nearly $6 million in its non-cash retirement benefit expenses, plus costs related to its acquisition of United Technologies' Rocketdyne unit.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.