Ladish falls to a 3Q loss

Ladish posts $2.2 million loss as sales tumble, shares drop in aftermarket

• On 4:52 pm EDT, Friday October 30, 2009

CUDAHY, Wis. (AP) -- Aerospace supplier Ladish Co. said Friday it posted a $2.2 million third-quarter loss, citing charges related to job cuts and a lagging performance at its foreign operations.

Ladish's loss translated to 14 cents per share, compared with a profit of $10.4 million, or 70 cents per share, in the same quarter last year.

Sales fell 37 percent to $76.2 million from $120.8 million. The company attributed the drop to inventory destocking in the aerospace and jet engine markets combined with weak industrial products demand.

Analysts polled by Thomson Reuters expected a profit of 6 cents per share on $92.6 million in revenue.

Ladish said the recent quarter's results were weighed down by an $8 million decline in byproduct sales, a $3.3 million increase in pension expense, a $2.7 million charge for employment reductions and separations, a $1.8 million increase in depreciation and $2.6 million in added interest expense.

Ladish shares fell a penny in aftermarket trading, after declining 74 cents, or 5.4 percent, to $12.96 in the regular session.