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GenCorp Q1 Sales Rise, but Net Drops

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

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

GenCorp (AJRD -1.24%) 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.

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