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GenCorp reports 28% sales growth in Q2

Published: 05:02 09 Jul 2010 AEST

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In its Q2 results statement, GenCorp Inc (NYSE:GY) reported a 28% rise in sales to US$234.1m from US$183 a year earlier, adjusted earnings rose to US$30.8m from US$24.3m while net income was US$4.3m higher at US$13.5m (Q209: US$9.2m).

In the Aerospace and Defense business, Aerojet, GenCorp increased sales to US$232.3m (Q209: US$181.5m). The company highlighted that the increase was primarily due to the release of NASA funding constraints on the Orion program which generated US$16.2m; US$12.7m from divert and attitude control system programs awarded in 2009; US$6.4m in follow-on awards from the Multiple Launch Rocket System (MLRS) program; and US$5.9m in additional sales from the Tube-launched, Optically-tracked, Wire-guided Missile’ program.

Overall, for the whole H1 period, GenCorp’s Aerojet reported sales of US$417.4m (H109: US$350.8m).

"We are very pleased to report continued improvement in our quarterly and year-to-date results", GenCorp president and CEO Scott J Seymour commented. "We remain focused on delivering excellent performance to our customers, driving improvements and efficiencies across our operations, and creating value through the enhancement and expansion of our business."

GenCorp also has a real estate division. GenCorp’s real-estate properties are built on land, which was initially purchased in the nineteen fifties to provide a safe buffer-zone for Aerojet’s testing and manufacturing operations. Due to subsequent changes in propulsion technology and the relocation of some of its operations, the land is being developed for real estate.

In terms of real-estate, the company reported sales totaling US$1.8m in the quarter(Q209: US$1.5m).

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