SACRAMENTO, Calif. (Jan. 28)—GenCorp Inc.´s net income fell 23.4 percent to $23 million for its fiscal year ended Nov. 30 as the weak performance of its GDX Automotive unit offset gains in the aerospace and defense segment. Sales rose 5 percent to $1.19 billion.
For the fourth quarter, earnings were steady at $13 million on sales that grew 1.9 percent to $323 million.
While the GDX Automotive business returned to profitability in the fourth quarter, GenCorp said the unit´s $14 million third-quarter operating loss hurt the firm's 2003 performance. The company said further actions will be needed to offset industry pricing pressures and bring margins for GDX Automotive to acceptable levels.