(RTTNews) - Metal components maker Ladish Co., Inc. (LDSH: News ), on Friday reported a third quarter loss from a profit in the same period last year, predominantly reflecting charges associated with employment reductions, and lagging performance of foreign operations.

For the third quarter, the Cudahy, Wisconsin-based-company reported a net loss of $2.21 million or $0.14 per share, compared to net income of $10.44 million or $0.70 per share in the same period last year.

On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share. Analysts' estimates typically exclude one-time charges and gains.

Quarterly sales plunged to $76.20 million from $120.76 million in the year ago quarter. Street analysts had a consensus revenue estimate of $92.63 million for the quarter.

Operating loss for the quarter was $0.97 million, comapred to operating income of $12.12 million in the year earlier quarter. Interest expense for the quarter climbed to $1.43 million from $0.34 million in the same quarter last year.

For the quarter, the company recorded 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.
Gary Vroman, President and CEO, Ladish said, "Ladish faced the same difficult market conditions as many of our customers, suppliers, and competitors in the third quarter of 2009. Inventory destocking in aerospace and jet engine markets combined with sagging industrial products demand significantly impacted third quarter sales."

For the nine-month period, net loss was $0.36 million or $0.02 per share, compared to net income of $22.64 million or $1.54 per share in the same period last year. Net sales for nine months decreased significantly to $266.62 million from $357.00 million in the corresponding period last year.

Looking ahead, Ladish said it is cautiously optimistic that the worst is behind, and is poised for the anticipated economic recovery. The company exuded confidence in that the difficult actions taken to date has positioned it to take advantage of opportunities as world aerospace and industrial markets rebound.

LDSH closed Friday's trading at $12.96, down $0.74 or 5.40%, on a volume of 0.10 million shares on the Nasdaq. In after hours, the stock further lost $0.01 or 0.04%, trading at $12.955.

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by RTT Staff Writer

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