Aerojet Rocketdyne reports lower sales, profit

Aerojet Rocketdyne today reported sales in its most recent quarter reached $408 million, down from nearly $458 million in the same three-month period a year earlier.

Quarterly profit hit $5.9 million, down from $17.3 million the prior year.

The company noted that its sales and profit during the same period in 2015 were higher because of the sale of 550 acres of land.

Aerojet Rocketdyne attributed the decline in sales to a $30 million decrease "in the various Standard Missile contracts primarily from timing of deliveries on the Standard Missile-3 Block IB contract and Standard Missile MK72 booster contract."

However, the company said it saw improved sales on its HAWK contract and in its "space advanced" programs because of its work on the Commercial Crew Development program and the RS-25 program.