Aerojet Rocketdyne reports improved sales and profit

Aerojet Rocketdyne said this week sales in its most recent quarter reached $523 million, up 19% from the same three-month period a year earlier.

The company attributed the boost to growth in the Patriot Advanced Capability-3, Guided Multiple Launch Rocket System and hypersonic booster programs as well as an increase in space programs.

Aerojet Rocketdyne reported quarterly profit of $25 million, up almost 8% from the prior year.

The company said 2019 sales were just shy of $2 billion, up close to 5% from 2018. Aerojet Rocketdyne's 2019 profit hit $141 million, up about 3% from 2018.

Aerojet Rocketdyne said its annual profit benefited from a one-time gain of $43 million related to "reaching a determination with the U.S. government that certain environmental expenditures are reimbursable."