How good was Aerojet Rocketdyne's (NYSE: AJRD) earnings report last week? I suppose the best way to put it might be: "It could have been worse -- but it also could have been a lot better." Wall Street seems to agree.

In the 10 days or so since the defense contractor and rocket engine specialist reported its third-quarter results, investors have bid up the value of its stock by less than 3%. Not great. Not horrible. Really, the reaction was about what you'd expect after the company just barely beat analyst projections for adjusted earnings ($0.45 per share instead of the expected $0.44) at the same time as it missed revenue projections (reporting $549.8 million instead of the $558.3 million that Wall Street wanted).  

Aerojet's $550 million in third-quarter sales edged up less than 1% from the numbers it put up a year ago, in Q3 2021. At the same time, the company's earnings plunged 67% year over year, to just $0.17 per share on a GAAP basis.  

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Source Fool.com