Outsize R&D costs pushed Aerojet Rocketdyne to a nearly 4 percent drop in fourth-quarter profit — to $7.7 million — despite a 10 percent revenue rise to $428.3 billion.
The results also underperformed Wall Street expectations. Analysts surveyed by Zacks Investment Research on average had forecast Aerojet (NYSE: AJRD) would reap earnings of 27 cents per share for the latest quarter.
Over 12 months, Aerojet saw a $16.2 million loss, but that was improved from the $50 million in red ink for 2014. Annual revenue climbed 7 percent to $1.71 billion.
The Rancho Cordova, Calif.-based company released its financial results after the close of trading Feb. 16. Shares closed off 8 cents, at $15.65, the following day.
The stock recently has been trading toward the lower end of its 52-week range of $13.98-$24.99.
As required, Aerojet Rocketdyne also restated its financial results for seven quarters dating from the June 2013 merger of Aerojet and Pratt & Whitney Rocketdyne. It did so in a separate filing from its year-end quarterly results, after earlier signaling the likely effects on those past quarters.