Metal components maker Ladish Co. (LDSH), Monday said its first-quarter profit declined from the same quarter a year ago, hurt by a decline in sales stemmed from decline in demand in the majority of its markets, an increase in pension expense as well as a one-time charge related to employment reductions and separations.
Cudahy, Wisconsin-based Ladish's first-quarter net income declined to $1.2 million or $0.08 per share from $6.0 million or $0.41 per share in corresponding quarter a year ago.
On average, seven analysts polled by Thomson Reuters expected first-quarter earnings of $0.25 per share. Analysts' estimates typically exclude special items such as one-time charges or gains.
Operating income for the first quarter plunged to $3.3 million from $10.4 million in the first quarter of last year.
Net sales for the first quarter declined 9.8% to $105.7 million from $117.2 million in the corresponding quarter a year ago, hurt by the production delays at the airframers and a significant slowdown on the industrial portion of businesses as well as a decline in by-product sales. First-quarter revenues, however, came in above analysts' revenue estimate of $104.5 million.
Interest expenses for the first quarter increased to $1.3 million from $848 thousand in the same quarter last year, while pension expenses increased $1.1 million from the corresponding quarter a year ago. For the first quarter, the company also recorded a one-time charge of $0.8 million related to employment reductions and separations.
Looking forward to the rest of the year, the company expects its markets to remain challenging. KerryWoody, President and Chief Executive Officer, Ladish said "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."
LDSH closed Monday's trading at $8.83, down $0.31 or 3.39% on the Nasdaq.
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