Cudahy-based Ladish Co. Inc. reported first quarter net income of $1.2 million, or diluted earnings per share of 8 cents, down 80 percent from $6 million, or 41 cents per share, for the first quarter of 2008.
The company also reported 2009 first quarter sales of $105.7 million down from $117.2 million of sales in the first quarter of 2008.
Ladish manufactures highly engineered, technically advanced metal components for the jet engine, aerospace and general industrial markets.
"Ladish results for the first quarter of 2009 reflect the decline in demand in the majority of markets we serve. The $105.7 million of net sales in the period were 9.8 percent lower than 2008 levels due to the production delays at the airframers and a significant slowdown on the industrial portion of our business," said Kerry L. Woody, the company's president and chief executive officer. "Looking forward for the remainder of 2009, we expect our markets to remain challenging as the world economy works its way through the current recession. In response to this challenge, we will continue to drive cost-down actions to stay ahead of the downturn and direct our focus to the available opportunities. During the course of its 104-year history, Ladish has experienced a number of economic downturns and emerged from each one fully positioned to take advantage of the inevitable recovery which follows. We are confident that history will be repeated as we enter the recovery from the current environment."
Ladish profit down 80 percent
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