16.10.2013 01:22:02
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Gencorp Swings To Q3 Profit
(RTTNews) - Gencorp Inc. (GY) Tuesday reported a swing to third-quarter profit from a loss last year, driven mainly by a hefty income tax benefit, even as revenues grew significantly on the Rocketdyne acquisition.
Profit for the quarter stemmed primarily from a $206.6 million income tax benefit, linked to the the release of deferred tax asset valuation allowance reserves, partially offset by expenses related to the Rocketdyne Business acquisition.
Gencorp's net income for the third quarter was $197.4 million or $2.39 per share, compared to a loss of $9.5 million or $0.16 per share last year.
Sales for the quarter rose to $367.5 million from $244.9 million in the corresponding quarter last year.
The surge in revenues were driven mainly the Rocketdyne Business which was acquired earlier this year. Aerojet net sales for the quarter improved to $ 229.1 million from $243.6 million a year ago. Rocketdyne Business net sales aggregated $136.8 million for the quarter.
As of August 31, 2013, funded backlog and contract backlog included $564 million and $1,150 million, respectively, related to the Rocketdyne Business.
GenCorp closed Tuesday's regular trade at $16.63, down $0.01 or 0.06%, on a volume of 0.32 million shares on the NYSE. In after-hours, the stock dropped $0.63 or 3.79%, to trade at $16.00.
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