Ladish beats consensus, quadruples earnings in 1st-qtr.
Apr 19, 2010 | 12:11 PM
| Frank Haflich
Even as it awaits a turnaround in its historically strongest market—jet engines—Ladish Co.'s first-quarter net income more than quadrupled, helped by general aerospace, the industrial capital equipment market and higher scrap prices.
The Cudahy, Wis.-based producer of forgings and castings posted quarterly net income of $5.3 million, or 34 cents per common share, up from $1.2 million in the same period last year despite a 6.4-percent sales decline to $98.9 million from $105.7 million.
Cost savings, along with "some modest aerospace and industrial sales improvement," helped the company improve its earnings, according to Gary J. Vroman, president and chief executive officer, who described Ladish as "guardedly optimistic" for the rest of the year.....
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