Last $19.34 USD
Change Today +0.12 / 0.62%
Volume 186.9K
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As of 8:04 PM 02/26/15 All times are local (Market data is delayed by at least 15 minutes).

gencorp inc (GY) Key Developments

GenCorp Inc. Appoints Lance W. Lord as Director

GenCorp Inc. announced that retired U.S. Air Force four-star General Lance W. Lord has joined its board of directors. Gen. Lord currently serves as the chairman and chief executive officer of L2 Aerospace. Prior to retiring from the U.S. Air Force in 2006 after 37 years of service, Gen. Lord, 68, served as commander, Air Force Space Command at Peterson Air Force Base in Colorado. He was responsible for the development, acquisition and operation of the Air Force's space and missile systems.

GenCorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended November 30, 2014

GenCorp Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended November 30, 2014. Net sales for the fourth quarter of fiscal 2014 totaled $439.6 million compared to $485.3 million for the fourth quarter of fiscal 2013. Net income for the fourth quarter of fiscal 2014 was $10.1 million, or $0.15 diluted income per share, compared to a net loss of $3.7 million, or $0.06 loss per share, for the fourth quarter of fiscal 2013. Adjusted EBITDAP for the fourth quarter of fiscal 2014 was $63.4 million, or 14.4% of net sales, compared to $53.3 million, or 11.0% of net sales, for the fourth quarter of fiscal 2013. Cash provided by operating activities in the fourth quarter of fiscal 2014 totaled $116.3 million, compared to $51.1 million in the fourth quarter of fiscal 2013. Operating income was $36.5 million against $14.1 million a year ago. Income from continuing operations before income taxes was $22.9 million against $1.6 million a year ago. Net sales for fiscal 2014 totaled $1,597.4 million compared to $1,383.1 million for fiscal 2013. Fiscal 2014 and 2013 results include 12 months and 5 1/2 months, respectively, of the Pratt & Whitney Rocketdyne division operating results. Net loss for fiscal 2014 was $53.0 million, or $0.92 loss per share, compared to net income of $167.9 million, or $2.11 diluted income per share, for fiscal 2013. The net loss for fiscal 2014 included pre-tax cost growth of $23.6 million on the Antares AJ-26 program and a pre-tax charge of $60.6 million related to the repurchase of $59.6 million of principal of the company's 4 1/16% Debentures. The net income for fiscal 2013 included a $193.9 million income tax benefit primarily associated with the release of deferred tax asset valuation allowance reserves. Adjusted EBITDAP for fiscal 2014 was $174.2 million, or 10.9% of net sales, compared to $155.6 million, or 11.3% of net sales, for fiscal 2013. Cash provided by operating activities in fiscal 2014 totaled $150.4 million, compared to $77.6 million in fiscal 2013. The cash generated from operating activities in fiscal 2014 included an increase of $94.1 million in cash advances on long-term contracts. Operating income was $13.2 million against $22.3 million a year ago. Loss from continuing operations before income taxes was $39.4 million against $26.2 million a year ago.

GenCorp Inc. announced delayed annual 10-K filing

On 01/30/2015, GenCorp Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC.

David A. Lorber Resigns as Member of Board of Directors of GenCorp Inc., Effective December 31, 2014

On December 18, 2014, David A. Lorber resigned from his position as a member of the board of directors of GenCorp Inc., effective December 31, 2014. Mr. Lorber’s resignation was not the result of any disagreement related to any matter involving the company’s operations, policies or practices.

GenCorp Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended August 31, 2014

GenCorp Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended August 31, 2014. Net sales for the third quarter of fiscal 2014 totaled $419.5 million compared to $367.5 million for the third quarter of fiscal 2013. Net loss for the third quarter of fiscal 2014 was $9.5 million, or $0.17 loss per share, compared to a net income of $197.4 million, or $2.39 diluted income per share, for the third quarter of fiscal 2013. The net loss for the third quarter of fiscal 2014 included a pre-tax contract loss of $17.5 million on the Antares AJ-26 program and a pre-tax charge of $9.8 million related to the repurchase of $9.4 million of principal of the company's 4.0625% Convertible Subordinated Debentures ("4 1/16% Debentures"). Adjusted EBITDAP for the third quarter of fiscal 2014 was $38.1 million, or 9.1% of net sales, compared to $41.9 million, or 11.4% of net sales, for the third quarter of fiscal 2013. Cash provided by operating activities in the third quarter of fiscal 2014 totaled $56.4 million, compared to $7.6 million in the third quarter of fiscal 2013. As of August 31, 2014, the company had $628.6 million in net debt compared to $523.2 million as of August 31, 2013. Operating income was at $3.6 million against $3.4 million reported last year. Loss from continuing operations was at $9.7 million against income of $197.6 million reported last year. Loss from continuing operations before income taxes was at $10.4 million against $9.0 million reported last year. Capital expenditures was at $13.4 million against $17 million reported last year. Net sales for the first nine months of fiscal 2014 totaled $1,152.3 million compared to $897.8 million for the first nine months of fiscal 2013. Beginning in the third quarter of fiscal 2013, net sales included the Rocketdyne Business. Net loss for the first nine months of fiscal 2014 was $61.8 million, or $1.06 loss per share, compared to a net income of $171.6 million, or $2.13 diluted income per share, for the first nine months of fiscal 2013. The net loss for the first nine months of fiscal 2014 included a pre-tax contract loss of $31.4 million on the Antares AJ-26 program and a pre-tax charge of $60.6 million related to the repurchase of $59.6 million of principal of the Company's 4 1/16% Debentures. Adjusted EBITDAP for the first nine months of fiscal 2014 was $112.5 million, or 9.8% of net sales, compared to $102.3 million, or 11.4% of net sales, for the first nine months of fiscal 2013. Net cash provided by operating activities in the first nine months of fiscal 2014 totaled $34.1 million, compared to $26.5 million in the first nine months of fiscal 2013. Operating loss was at $21.1 million against operating income of $8.2 million reported last year. Loss from continuing operations was at $61.2 million against income of $171.8 million reported last year. Loss from continuing operations before income taxes was at $60.1 million against $27.8 million reported last year. Capital expenditures was at $31.9 million against $38.7 million reported last year.

 

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