SECURITIES AND EXCHANGE
COMMISSION Washington, D.C. 20549

# FORM 10-Q

# QUARTERLY REPORT UNDER
SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the Quarter Ended
    March 31, 2007

Commission File Number
    0-23539

|LADISH CO., INC.                                      
|------------------------------------------------------
|(Exact name of registrant as specified in its charter)

|Wisconsin                                    | 31-1145953         
|-------------------------------------------- | -------------------
|(State or other Jurisdiction of              | (I.R.S. Employer   
|incorporation or organization)               | Identification No.)
|5481 South Packard Avenue, Cudahy, Wisconsin | 53110              
|(Address of principal executive offices)     | (Zip Code)         

|(414) 747-2611                                      
|----------------------------------------------------
|(Registrants telephone number, including area code)

Indicate
by check mark whether the Registrant (1) has filed all reports required to be filed by
Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12
months, and (2) has been subject to such filing requirements for the past 90 days.

Yes     X      No

Indicate
by check mark whether the Registrant is a large accelerated filer, an accelerated filer or
a non-accelerated filer. See definition of accelerated filer and large accelerated filer
in Rule 12b-2 of the Exchange Act.

Large accelerated filer 
                        Accelerated filer     X                   Non-accelerated filer

Indicate
by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act).

Yes           No X

Indicate
the number of shares outstanding of each of the issuers classes of common stock, as
of the latest practicable date.

|Class                         | Outstanding at March 31, 2007
|----------------------------- | -----------------------------
|Common Stock, $0.01 Par Value | 14,506,967                   

---

Page 2 of 13

# PART I 
FINANCIAL INFORMATION

---

Page 3 of 13

# LADISH CO., INC. CONSOLIDATED
STATEMENTS OF OPERATIONS

(Dollars in Thousands,
Except Per Share Data)

|                                                        
|--------------------------------------------------------
|2007                                                    
|Net sales                                               
|Cost of sales                                           
|                                                        
|Gross profit                                            
|Selling, general and administrative expenses            
|                                                        
|Income from operations                                  
|Other income (expense):                                 
|Interest expense                                        
|Other, net                                              
|                                                        
|Income before income tax provision and minority interest
|Income tax provision                                    
|Minority interest in net earnings of subsidiary         
|                                                        
|Net income                                              
|                                                        
|Basic earnings per share                                
|Diluted earnings per share                              
|Basic weighted average shares outstanding               
|Diluted weighted average shares outstanding             

---

Page 4 of 13

# LADISH CO., INC. CONSOLIDATED BALANCE
SHEETS

(Dollars in Thousands,
Except Share Data)

|Assets                                                                    | March 31,
2007 | December 31,
2006
|------------------------------------------------------------------------- | -------------- | -----------------
|Current assets:                                                           |                |                  
|Cash and cash equivalents                                                 |                |                  
|Accounts receivable, less allowance of $126 at each date                  |                |                  
|Inventories                                                               |                |                  
|Deferred income taxes                                                     |                |                  
|Prepaid expenses and other current assets                                 |                |                  
|                                                                          |                |                  
|Total current assets                                                      |                |                  
|                                                                          |                |                  
|Property, plant and equipment:                                            |                |                  
|Land and improvements                                                     |                |                  
|Buildings and improvements                                                |                |                  
|Machinery and equipment                                                   |                |                  
|Construction in progress                                                  |                |                  
|                                                                          |                |                  
|                                                                          |                |                  
|Less - accumulated depreciation                                           |                |                  
|                                                                          |                |                  
|Net property, plant and equipment                                         |                |                  
|Deferred income taxes                                                     |                |                  
|Other assets                                                              |                |                  
|                                                                          |                |                  
|Total assets                                                              |                |                  
|                                                                          |                |                  
|Liabilities and Stockholders Equity                                     
|Current liabilities:                                                      |                |                  
|Accounts payable                                                          |                |                  
|Senior bank debt                                                          |                |                  
|Senior notes                                                              |                |                  
|Accrued liabilities:                                                      |                |                  
|Pensions                                                                  |                |                  
|Postretirement benefits                                                   |                |                  
|Wages and salaries                                                        |                |                  
|Taxes, other than income taxes                                            |                |                  
|Interest                                                                  |                |                  
|Profit sharing                                                            |                |                  
|Paid progress billings                                                    |                |                  
|Income taxes                                                              |                |                  
|Other                                                                     |                |                  
|                                                                          |                |                  
|Total current liabilities                                                 |                |                  
|Noncurrent liabilities:                                                   |                |                  
|Senior notes                                                              |                |                  
|Postretirement benefits                                                   |                |                  
|Pensions                                                                  |                |                  
|Officers deferred compensation                                           |                |                  
|Minority interest in equity of subsidiary                                 |                |                  
|Other noncurrent liabilities                                              |                |                  
|                                                                          |                |                  
|Total liabilities                                                         |                |                  
|                                                                          |                |                  
|Stockholders equity:                                                     |                |                  
|Common stock - authorized 100,000,000, issued 14,605,591                  |                |                  
|shares at each date of $.01 par value                                     |                |                  
|Additional paid-in capital                                                |                |                  
|Retained earnings                                                         |                |                  
|Treasury stock, 98,624 and 404,624  shares of common stock, respectively, |                |                  
|at each date at cost                                                      |                |                  
|Accumulated other comprehensive loss                                      |                |                  
|                                                                          |                |                  
|Total stockholders equity                                                |                |                  
|                                                                          |                |                  
|Total liabilities and stockholders equity                                |                |                  
|                                                                          |                |                  

---

Page 5 of 13

# LADISH CO., INC. CONSOLIDATED
STATEMENTS OF CASH FLOWS

(Dollars in Thousands)

|                                                            
|------------------------------------------------------------
|2007                                                        
|CASH FLOWS FROM OPERATING ACTIVITIES:                       
|Net income                                                  
|Adjustments to reconcile net income to net cash             
|provided by (used in) operating activities:                 
|Depreciation                                                
|Charge in lieu of taxes related to goodwill                 
|Deferred income taxes                                       
|Minority interest in net earnings of subsidiary             
|Gain on disposal of property, plant and equipment           
|Changes in assets and liabilities:                          
|Accounts receivable                                         
|Inventories                                                 
|Other assets                                                
|Accounts payable and accrued liabilities                    
|Other liabilities                                           
|                                                            
|Net cash provided by (used in) operating activities         
|                                                            
|CASH FLOWS FROM INVESTING ACTIVITIES:                       
|Additions to property, plant and equipment                  
|Proceeds from sale of property, plant and equipment         
|Acquisition of business net of cash acquired                
|                                                            
|Net cash used in investing activities                       
|                                                            
|CASH FLOWS FROM FINANCING ACTIVITIES:                       
|Proceeds from (repayment of) senior bank debt               
|Repayment of notes payable                                  
|Proceeds from exercise of stock options                     
|                                                            
|Net cash provided by (used in) financing activities         
|                                                            
|Effect of exchange rate changes on cash and cash equivalents
|                                                            
|DECREASE IN CASH AND CASH EQUIVALENTS                       
|CASH AND CASH EQUIVALENTS, beginning of period              
|                                                            
|CASH AND CASH EQUIVALENTS, end of period                    
|                                                            

---

Page 6 of 13

# LADISH CO., INC. NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS

(Dollars in Thousands,
Except Share Data)

|(1) | Basis
of Presentation
|--- | ---------------------

In the opinion of the Company, the
accompanying unaudited consolidated condensed financial statements contain all adjustments
necessary to present fairly its financial position at March 31, 2007 and its results
of operations and cash flows for the interim periods presented. All adjustments are of a
normal recurring nature.

The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with Article 10 of
Regulation S-X and therefore do not include all disclosures required for annual financial
statements presented in conformity with accounting principles generally accepted in the
United States of America. The Company has filed a report on Form 10-K which contains
audited consolidated financial statements that include all information and footnotes
necessary for a fair presentation of its financial position at December 31, 2006 and
2005, and the related consolidated statements of operations, stockholders equity,
and cash flows for the years ended December 31, 2006, 2005 and 2004.

The preparation of financial
statements in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of financial statements and the reported amounts of revenues and
expenses during the reporting periods. Actual results will likely differ from those
estimates, but management believes such differences will not be material.

The results of operations for any
interim period are not necessarily indicative of the results to be expected for a full
year.

|(2) | Inventories
|--- | -----------

|                                  
|----------------------------------
|Raw material and supplies         
|Work-in-process and finished goods
|Less progress payments            
|                                  
|Total inventories                 
|                                  

|(3) | Interest
and Income Tax Payments
|--- | --------------------------------

|                 
|-----------------
|2007             
|Interest paid    
|Income taxes paid

---

Page 7 of 13

|(4) | Cash
and Cash Equivalents
|--- | -------------------------

Cash in excess of daily requirements
is invested in marketable securities consisting of commercial paper and money market
instruments which mature in three months or less. Such investments are deemed to be cash
equivalents. Outstanding payroll and accounts payable checks related to certain bank
accounts are recorded as accounts payable on the balance sheets. These checks amounted to
$8,315 and $3,872 as of March 31, 2007 and December 31, 2006, respectively.

|(5) | Revenue
Recognition
|--- | -------------------

Sales revenue is recognized when the
title and risk of loss have passed to the customer, there is pervasive evidence of an
arrangement, delivery has occurred or the services have been provided, the sales price is
determinable and collectibility is reasonably assured. This generally occurs at the time
of shipment. Net sales include freight out as well as reductions for returns and
allowances, and sales discounts. Progress payments on contracts are generally recognized
as reductions of the related inventory costs. Progress payments in excess of inventory
costs are reflected as a liability.

|(6) | Income
Taxes
|--- | ------------

The year-to-date tax provisions for
2007 and 2006 are based on annualized combined federal, state and foreign effective tax
rates of 36.8% and 37%, respectively. The principal difference, if any, from the expected
federal tax rate of 35% is due primarily to state income taxes, offset by the impact of
lower income tax rates in Poland and the benefit of the Extra-Territorial Income
(ETI) exclusion related to export sales.

|(7) | Pension
and Postretirement Benefits
|--- | -----------------------------------

The components of net periodic
benefit costs recognized for the three-month periods ending March 31, 2007 and 2006
are presented in the table below.

|                                  
|----------------------------------
|2007                              
|Service cost                      
|Interest cost                     
|Expected return on plan assets    
|Amortization of prior service cost
|Amortization of the net loss      
|                                  
|Net periodic benefit cost         
|                                  

Contributions:

The Company previously disclosed in
its financial statements for the year ended December 31, 2006, that it expected to
contribute $12,892 to its pension plans in 2007. As of March 31, 2007, the Company
has made $11,124 of contributions to the pension plans versus $1,256 during the same
period in 2006. The $11,124 of contributions in the first quarter of 2007 consisted of
300,000 shares of common stock of the Company which were added to the pension plans on
January 3, 2007. The Company currently estimates its total contributions to its pension
plans in 2007 will be $12,892.

In December 2003, the Medicare
Prescription Drug, Improvement and Modernization Act of 2003 was enacted. In May 2004, the
FASB issued FASB Staff Position No. 106-2, Accounting and Disclosure Requirements
Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003
in response to the new law which may provide a federal subsidy to sponsors of retiree
healthcare benefit plans. The Company has concluded that certain benefits provided by its
postretirement benefit plan are actuarially equivalent to Medicare Part D under the Act
and has filed a refund request with the Claims Management Services, a division of the
Health and Human Services Department. In the first quarter of 2007, the Company received a
$172 refund and recognized the refund as a reduction to cost of sales and SG&A
expenses in its financial statements.

---

Page 8 of 13

|(8) | Debt
|--- | ----

The Company sold $30,000 of Series A
senior notes (the Series A Notes) in a private placement to certain
institutional investors on July 20, 2001. The Series A Notes are unsecured and bear
interest at a rate of 7.19% per annum with the interest being paid semiannually. The
Series A Notes have a seven-year duration with the principal amortizing equally over the
duration after the third year. Amortization payments of $6,000 annually were made on
July 20, 2004, 2005 and 2006.

On May 16, 2006, the Company
sold $40,000 of Series B senior notes (the Series B Notes) in a private
placement to certain institutional investors. The Series B Notes are unsecured and bear
interest at a rate of 6.14% per annum with interest being paid semiannually. The Series B
Notes have a ten-year duration with the principal amortizing equally over the duration
after the third year.

The Company and a syndicate of
Lenders have entered into a revolving credit facility (the Facility) which was
most recently renewed on April 28, 2006. The Facility consists of a $35,000 unsecured
revolving line of credit which bears interest at a rate of LIBOR plus 1.25%. At
March 31, 2007, there were no borrowings under the Facility and $35,000 was available
pursuant to the terms of the Facility.

|(9) | Earnings
Per Share
|--- | ------------------

The incremental difference between
basic weighted average shares outstanding and diluted weighted average shares outstanding
is due to the dilutive impact of outstanding options.

|(10) | Stockholders Equity
|---- | --------------------

The Company has a Stock Option Plan
(the Plan) that covers certain employees. Under the Plan, incentive stock
options for up to 983,333 shares may be granted to employees of the Company, of which
943,833 options have been granted. These options expire ten years from the grant date.
Options granted vest over two years. There were no options granted in the three months
ended March 31, 2007. As of March 31, 2007, 59,836 options granted under the
Plan remain outstanding and exercisable. During the first three months of 2007, 6,000
options were exercised (for cash of $56) and shares were issued from Treasury Stock.

|(11) | Legal
Proceedings
|---- | -----------------

From time to time the Company is
involved in legal proceedings relating to claims arising out of its operations in the
normal course of business. Although the Company believes that there are no material legal
proceedings pending or threatened against the Company or any of its properties, the
Company has been named as a defendant in a number of asbestos cases in Mississippi and six
asbestos cases in Illinois. As of the date of this filing, the Company has been dismissed
from a majority of the cases in Mississippi and four of the cases in Illinois. The Company
has never manufactured or processed asbestos. The Companys only exposure to asbestos
involves products the Company purchased from third parties. The Company has notified its
insurance carriers of these claims and is vigorously defending these actions. The Company
has not made any provision in its financial statements for the asbestos litigation.

---

Page 9 of 13

|(12) | New
Accounting Pronouncements
|---- | -----------------------------

FASB Interpretation No. 48,
Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No.
109, requires that an enterprise evaluate all tax positions recognized in that
enterprises financial statements for any uncertainty that the tax positions will not
be sustained under examination. The evaluation process is twofold. First, an enterprise
must determine whether it is more likely than not that a tax position will be sustained
upon examination. Secondly, the enterprise must measure the amount of benefit to recognize
in its financial statements for tax positions which meet the more likely than not
threshold. FASB Interpretation No. 48 became effective for fiscal years beginning after
December 15, 2006. For the quarter ending March 31, 2007, the Company does not believe
there is any uncertainty with respect to the tax positions reflected in its financial
statements which would result in a material change in the amount of benefit recognized in
the financial statements; therefore, no provision has been made for the adoption of FASB
Interpretation No. 48.

---

Page 10 of 13

MANAGEMENTS
DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND CHANGES IN FINANCIAL POSITION
(Dollars in Thousands)

RESULTS OF OPERATIONS

First Quarter 2007
Compared to First Quarter 2006

Net sales for the three months ended
March 31, 2007 were $97,666 compared to $95,006 for the same period in 2006. The 2.8%
increase in net sales for the first quarter of 2007 versus 2006 was primarily due to the
increase in pricing for the raw materials utilized by the Company. First quarter 2007 net
sales were negatively impacted by the equipment downtime experienced by the Company at its
Cudahy, Wisconsin forging operation. Gross profit for the first quarter of 2007 decreased
to 14.0% of net sales in contrast to 18.3% of net sales in the first quarter of 2006
primarily as a result of the reduced absorption of fixed costs and missed sales
opportunities associated with equipment downtime. Increased raw material costs in the
first quarter also resulted in raw material being a higher percentage of net sales in the
first quarter of 2007 in comparison to the same period in 2006 and thereby decreasing
gross profit as a percent of net sales.

Selling, general and administrative
expenses, as a percentage of net sales, were 4.0% for the first quarter of 2007 compared
to 4.5% for the same period in 2006. The decrease in SG&A expenses between the periods
was attributable to the Companys transition to using internal staffing for
international sales, partially offset by an increased provision for incentive
compensation.

Interest expense for the first
quarter of 2007 was $798 in contrast to $766 for the same period in 2006. The slightly
higher interest expense in 2007 reflects the issuance of the $40,000 of Series B notes in
the second quarter of 2006 offset by the retirement of debt under the revolving credit
facility. During the first quarter of 2007, the Companys revolving line of credit
had an interest rate equal to the LIBOR rate plus 1.25% per annum. Series A and Series B
senior notes bore interest at the rate of 7.19% and 6.14%, respectively, per annum. The
Company had no borrowings under the revolving line of credit facility and had $52,000 of
senior notes outstanding at the end of the first quarter of 2007.

The 2007 and 2006 first quarter
income tax provisions are based on annualized effective tax rates of 36.8% and 37%,
respectively. At December 31, 2006, the Company has $4,429 net operating loss
(NOL) carryforwards which reduce current income taxes payable. For financial
statement purposes, the Company previously recorded a deferred tax asset for the tax
benefits attributable to the NOL carryforwards. Therefore, the Company uses an effective
tax rate which reflects federal and state taxes without a reduction for actual NOL usage.
See Note 6 to the consolidated financial statements and Liquidity and Capital
Resources.

The Companys net income for the
first quarter of 2007 was $5,768, a $1,864 decrease from the same period in 2006. The
decrease in profitability was due to the above described equipment downtime in 2007 which
resulted in the reduced absorption of fixed costs. The decline in profitability, as a
percentage of net sales, was partially attributable to higher raw material prices in 2007
resulting in raw material being a higher percentage of net sales. The Companys
contract backlog at March 31, 2007 was $551,082 as the Company received $150,357 of
new orders in the first quarter of 2007, in comparison to backlogs of $501,887 and
$499,764 at March 31, 2006 and December 31, 2006, respectively, and $140,817 of new
orders in the first quarter of 2006.

---

Page 11 of 13

Liquidity and Capital
Resources

The Companys cash position as
of March 31, 2007 is $818 less than its position at December 31, 2006. The
year-to-date decrease in cash is a result of paying down $2,100 of borrowings under the
revolving credit facility and increases in accounts receivable and inventory partially
offset by an increase in trade payables. In addition, cash was reduced in the first three
months of 2007 by $5,846 for capital expenditures.

On July 20, 2001, the Company
sold $30,000 of Series A Notes in a private placement to certain institutional investors.
The Series A Notes are unsecured and bear interest at a rate of 7.19% per annum with the
interest being paid semiannually. The Series A Notes have a seven-year duration with the
principal amortizing equally over the duration after the third year. Amortization payments
of $6,000 annually were made on July 20, 2004, 2005 and 2006.

On May 16, 2006, the Company
sold $40,000 of Series B Notes in a private placement to certain institutional investors.
The Series B Notes are unsecured and bear interest at a rate of 6.14% per annum with
interest being paid semiannually. The Series B Notes have a ten-year duration with the
principal amortizing equally over the duration after the third year.

In addition, the Company and a
syndicate of Lenders have entered into the revolving credit facility which was most
recently renewed on April 28, 2006. The revolving credit facility consists of a
$35,000 unsecured revolving line of credit which bears interest at a rate of LIBOR plus
1.25%. At March 31, 2007, there were no borrowings under the revolving credit
facility and $35,000 of credit was available pursuant to the terms of the revolving credit
facility.

As of December 31, 2006, the Company
has NOL carryforwards of $4,285 that were generated prior to its 1993 reorganization and
$144 of NOL carryforwards that were generated in 2004. The NOLs generated prior to the
reorganization in 1993 are subject to an IRS imposed annual usage limitation of $2,142 and
expire in 2008. There is no limitation on the usage of the NOLs generated in 2004 and
these NOLs expire in 2024.

Realization of the domestic net
deferred tax assets, including those attributable to the NOL carryforwards, over time is
dependent upon the Company generating sufficient taxable income in future periods. In
determining that realization of the domestic net deferred tax assets was more likely than
not, the Company has given consideration to a number of factors including its recent
earnings history, expectations for earnings in the future, the timing of reversal of
temporary differences, tax planning strategies available to the Company and the expiration
dates associated with NOL carryforwards. If, in the future, the Company determines that it
is no longer more likely than not that the domestic net deferred tax assets will be
realized, a valuation allowance will be established against all or part of the domestic
net deferred tax assets with an offsetting charge to the income tax provision.

---

Page 12 of 13

Item 3.      Quantitative and
Qualitative Disclosures about Market Risk

The Company believes that its exposure
to market risk related to changes in foreign currency exchange rates and trade accounts
receivable is immaterial as the vast majority of the Companys sales are made in U.S.
dollars. The Company does not consider itself subject to the market risks addressed by
Item 305 of Regulation S-K.

---

Any statements contained herein that
are not historical facts are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, and involve risks and uncertainties. These
forward-looking statements include expectations, beliefs, plans, objectives, future
financial performance, estimates, projections, goals and forecasts. Potential factors
which could cause the Companys actual results of operations to differ materially
from those in the forward-looking statements include:

| | Market conditions and demand for the Companys products            |  | Competition                   
|- | ------------------------------------------------------------------ | - | ------------------------------
| | Interest rates and capital costs                                   |  | Technologies                  
| | Unstable governments and business conditions in emerging economies |  | Raw material and energy prices
| | Legal, regulatory and environmental issues                         |  | Taxes                         
| | Health care costs                                                 

Any forward-looking statement speaks
only as of the date on which such statement is made. The Company undertakes no obligation
to update any forward-looking statement to reflect events or circumstances after the date
on which such statement is made.

Item 4.      Controls and
Procedures

Under the direction of the principal
executive officer and principal financial officer, the Company has evaluated the
effectiveness of its disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) as of March 31, 2007. Based on that evaluation, the Company
has concluded that its disclosure controls and procedures were effective in providing
reasonable assurance that material information required to be disclosed is included on a
timely basis in the reports filed with the Securities and Exchange Commission.

There were no significant changes in
the Companys internal controls over financial reporting or in other factors that
could significantly affect these controls during the quarter ended March 31, 2007,
including any corrective actions with regard to significant deficiencies and material
weaknesses.

# PART II  OTHER
INFORMATION

Item 4.      Submission of Matters to
a Vote of Security Holders

No matters were submitted to the
Stockholders of the Company during the period covered by this report.

Item 6.      Exhibits

Exhibit 31.1 is the written statement
of the chief executive officer of the Company certifying this Form 10-Q complies with the
requirements of Section 13(a) of the Securities Exchange Act of 1934.

Exhibit 31.2 is the written statement
of the chief financial officer of the Company certifying this Form 10-Q complies with the
requirements of Section 13(a) of the Securities Exchange Act of 1934.

---

Page 13 of 13

Exhibit 32.1 is the written statement
of the chief executive officer and chief financial officer of the Company pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

|                      | LADISH CO., INC.          
|--------------------- | --------------------------
|Date:  April 27, 2007 | By:  /s/ WAYNE E. LARSEN  
|                      | Wayne E. Larsen           
|                      | Vice President Law/Finance
|                      | & Secretary