Aerospace and defense contractor Aerojet Rocketdyne posted a broadened third-quarter loss of $38.1 million tied to the settlement of a legal dispute involving a rocket explosion.
The Sacramento-based company reported a 5 percent rise in revenue to $440.5 million, largely on sales of advanced boosters for the Space Launch System, NASA’s next-gen launcher system for deep-space missions.
On a per share basis, the red ink –- which amounted to $9.9 million in the year-ago period — deepened to 62 cents per share from 18 cents a year earlier.
The company has scheduled no conference call for analysts, whose consensus forecast of a 17-cent quarterly profit didn’t account for the legal settlement. In releasing the results, it said a pretax charge of $29.5 million for environmental remediation also hurt the bottom line.
Aerojet Rocketdyne (NYSE: AJRD) released the financial results after the conclusion of market trading Oct. 13, when its shares climbed 18 cents, or 1 percent, to $17.25.
Just prior to the end of the latest quarter, the company absorbed a triple-dose of bad news:
- United Launch Alliance, a joint venture of Boeing and Lockheed Martin, rebuffed its $2 billion takeover offer, though a chance of a sweetened bid remains.
- United Launch Alliance named Orbital ATK the sole provider of solid rocket boosters for ULA’s Atlas V and Vulcan launch vehicles, replacing Aerojet on the Atlas work.
- Aerojet Rocketdyne had to pay $50 million to settle claims by Orbital in the aftermath of the explosion of an Antares rocket last year.
“We are pleased with these third-quarter results, which reflect the continued focus on delivering program performance to our customers,” Aerojet Rocketdyne CEO Eileen Drake said.
Aerojet Rocketdyne narrowed its nine-month loss to $23.6 million, or 39 cents a share, from $63.1 million, or $1.08 per share a year earlier.
Formed in 2013 from the merger of Aerojet and Pratt & Whitney Rocketdyne, Aerojet Rocketdyne doesn’t break out its aerospace revenue from defense sales.