SACRAMENTO, Calif. (March 27)—GenCorp Inc. reported net income of $3 million for the first three months of 2003, unchanged from the year-earlier period, following a $10 million reduction of pretax income from employee retirement benefit plans. Sales for the quarter increased almost 9 percent to $271 million on revenue hikes in its aerospace and chemicals segments. GDX Automotive sales for the first quarter were $191 million, up only slightly from $190 million in 2002's first quarter. Operating profit improvements totaling $16 million from favorable exchange rates and cost reductions of $6 million from operating efficiencies in the first quarter were offset by reduced income from employee retirement benefit plans of $2 million, pricing concessions and lower sales volumes. GDX's net income fell 20 percent to $5 million during the quarter.
GenCorp reports first-quarter sales
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