GenCorp's second-quarter, six-month earnings up

SACRAMENTO, Calif. (July 30)—GenCorp Inc.'s second-quarter earnings increased 67 percent to $10 million compared to the same period last year on sales that rose 4 percent to $315 million. For the six-month period, earnings jumped 44 percent to $13 million on sales of $586 million, which reflects a 6-percent growth rate. The earnings improvements reflected improved operating profit from GDX Automotive and the Fine Chemicals segments, the company said. The body sealing unit's sales for the second quarter and six-month period increased 2 percent each to $214 million and $405 million, respectively. Operating profit for the segment increased 14 percent to $16 million for the quarter and 5 percent for the half-year period to $21 million. Operating efficiencies, cost reductions and favorable currency exchange rates all boosted GDX's margins, but they were offset in part by increased price concessions, lower sales volumes and lower income from employee retirement benefit plans.