GenCorp, GDX earnings rise in first quarter

SACRAMENTO, Calif. (March 28)—GenCorp Inc. posted net income of $19 million for the first quarter of 2001, more than doubling earnings for the year-ago period. Sales fell to $249 million from $353 million during the quarter. Earnings were impacted by a number of unusual factors, including: the previously announced $6 million expense related to accounting errors at a GDX Automotive sealing plant, a foreign exchange gain of $11 million, a $7 million gain from a tax refund and income from a business sold last fall. GDX Automotive improved its operating profit by $13 million in a year-to-year comparsion, thanks to its intense restructuring efforts, said Chairman and CEO Bob Wolfe during an earnings conference call.