Gencorp reports third-quarter earnings

SACRAMENTO, Calif. (Sept. 21)—Gencorp reported third quarter earnings of $19.2 million on sales of $260.3 million for the three months ended August 31, compared to net income of $20.4 million on sales of $256.5 million for the same quarter of 1999. For the nine month-period, the vehicle sealing maker reported $122.4 million in net income on revenue of $769.8 million, versus earnings of $70.1 during the first three quarters of 1999 on total sales of $815.5 million. Operating profit for the quarter was $33.3 million compared to $22.3 million last year, and for the nine months period, $93.6 million and $70 million respectively. Excluding a $7.7 million gain in operating income from the residual effect of a pension and post retirement benefits accounting change it adoped during the first quarter, operating income for the third quarter was up 15 percent year over year. While Aerojet revenue dropped by 2 percent, Gencorp´s Vehicle Sealing unit revenues grew by 6 percent due to higher production volumes on General Motors Corp.´s and Ford´s full size pickup platforms and retention of business from a competitor for the Ford Excursion.