GenCorp Inc. (GY) posted first-quarter net loss of $14.0 million, or $0.24 per share, compared with a profit of $2.4 million, or $0.04 per share, last year.
The company attributed the quarterly net loss to a $5.7 million rise in non-cash retirement benefit expense; and $5.5 million expenses incurred in the first quarter on the proposed acquisition of United Technologies Corporation's Pratt & Whitney Rocketdyne; a $5.2 million increase in interest expense primarily related to the financing of the proposed Rocketdyne Business acquisition; a $2.6 million growth in the income tax provision; and a $2.3 million rise in stock-based compensation. These factors were partially offset by higher sales generating additional operating profit.
However, net sales for the three-month period totaled $243.7 million, up compared with the prior-year figure of $201.9 million.
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