GenCorp Inc. (NYSE: GY) reported Thursday that it lost $8.9 million in its fiscal first quarter due in part to an increased retirement benefit expense, according to Associated Press.
The company said it lost 15 cents per share in the three months that ended Feb. 28, compared to a profit of $19.4 million, or 31 cents per share, in the same quarter of 2009.
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Sales grew 9 percent to $186.8 million.
GenCorp said it had an increase of $11.9 million in non-cash retirement benefit expense in the quarter. The company recorded an income tax benefit of $20.5 million in the first quarter of last year.
Sales were led by the company's aerospace and defense segment. GenCorp said a release of NASA funding for its Orion program resulted in $11.4 million in additional sales.
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