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.
