GenCorp Inc. said Wednesday that it restated financial results for the last three fiscal years after the maker of car sealants and aerospace supplies and chemicals completed a review of accounting at its auto parts plant.
Merrill Lynch & Co. analyst Farukh Farooqi said the restatement is fairly minor and ended uncertainty about the accounting review, which had been holding back the company's stock.
GenCorp shares surged $2.65, or 24%, to $13.60 on the New York Stock Exchange.
Net income for the first three quarters of fiscal 2001 was reduced $3 million, decreasing earnings to 52 cents a share from 59 cents, the Sacramento-based company said. Revenue was unchanged in all periods.
Income from continuing operations was reduced 5.4% to $52 million, or $1.23 share, for fiscal 2000 and was reduced 2.2% to $45 million, or $1.07, for 1999.