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Foundry Daily News

17. August 2009

Neenah Enterprises Inc., production volume fell by more than 53 percent.

Neenah Enterprises Inc., the parent holding company for Neenah Foundry, said Thursday it recorded a fiscal third quarter loss, reversing a year-ago profit, as production volume fell by more than 53 percent.

The manufacturer of iron castings and steel forgings posted a loss of $13.3 million compared to net income of $2.4 million a year earlier. The loss includes restructuring costs and asset write-downs of $5.1 million associated with closing plants in Kendallville, Ind., and El Monte, Calif.

The company did not break out per-share earnings.

Sales for the three months ended June 30 fell to $72.4 million from $154.3 million.

Cost of sales dropped 45.4 percent to $72.4 million as a result of reduced production volumes and a 46 percent decline in raw material costs, primarily scrap steel.

Before earnings were released, Neenah Enterprises’ thinly traded stock closed at 22 cents, unchanged.

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