SACRAMENTO, Calif.—(April 1) GenCorp Inc. posted a net loss of $19 million for its first quarter, ended Feb. 29, compared with net profits of $3 million in the year-earlier period.
GenCorp blamed the lower results on a $14 million increase in non-cash, pretax expense from employee retirement benefit plans and a $16 million decline in pretax operating results for its GDX Automotive unit. Sales for the quarter rose 13.7 percent to $308 million, reflecting sales from the recently acquired propulsion business of Atlantic Research Corp.