Earnings from aerospace propel GenCorp profits

Citing improved results in its core aerospace business, GenCorp Inc. reported stronger profits and sales Wednesday.

The Rancho Cordova parent company of Aerojet said it earned $15 million, or 24 cents a share, in the fourth quarter.

That compared with a loss of $5.7 million during the fourth quarter of 2008, when GenCorp swallowed one-time charges related to the decision to freeze its pension plan. The per-share loss came to 10 cents.

Revenue jumped to $240.1 million in the fourth quarter of 2009 from $198.5 million the previous year, the result of growth in Aerojet’s Standard Missile and Orion space-vehicle programs.

All but a sliver of the revenue came from aerospace, showing once again that Aerojet’s operations are the main driver at GenCorp even as the company tries to become a real estate developer. A former aerospace executive from Northrop Grumman, Scott Seymour, was named president and chief executive of GenCorp last month.

For years, GenCorp has been working on a plan to convert thousands of idle company-owned acres along Highway 50 into residential and commercial developments. The idea has been slowed by the recession, but the company last month formed a new corporation, Easton Development Co. LLC, to move ahead with its development program.

GenCorp stock closed at $5.81, up 10 cents, on the New York Stock Exchange.