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, 1999

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 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, 1999
Common Stock, $0.01 Par Value                             13,906,049


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                                                                    page 2 of 12
















                         PART I - FINANCIAL INFORMATION














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                                                                    Page 3 of 12


                                LADISH CO., INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
             (Dollars in Thousands, Except Share and Per Share Data)
<TABLE>
<CAPTION>

                                                                        For the Three Months
                                                                           Ended March 31,
                                                                   -----------------------------
                                                                      1999                1998
                                                                   ----------         ----------

<S>                                                                <C>                <C>       
Net sales......................................................... $   42,756         $   61,671

Cost of sales ....................................................     39,318             51,957
                                                                   ----------         ----------

         Gross income on sales....................................      3,438              9,714

Selling, general and administrative expenses......................      1,657              2,057
                                                                   ----------         ----------

         Income from operations...................................      1,781              7,657

Other income (expense):
     Interest expense.............................................      ( 161 )            ( 781 )
     Other, net...................................................        109                 89
                                                                   ----------         ----------

         Income before provision for income taxes.................      1,729              6,965

Provision for income taxes........................................        260                697
                                                                   ----------         ----------

         Net income............................................... $    1,469         $    6,268
                                                                   ==========         ==========




Basic earnings per share (1)...................................... $     0.11              $0.94

Diluted earnings per share (1).................................... $     0.10              $0.73

Basic weighted average shares outstanding (1)..................... 13,871,887          6,701,592

Diluted weighted average shares outstanding (1)................... 15,208,660          8,542,829

--------------------

(1)    See the  discussion  of the  impact of the March 9, 1998  Initial  Public
       Offering of Common  Stock by the Company on the basic  earnings per share
       calculation as well as the diluted earnings per share calculation in Part
       II - Other Information Item 5.
</TABLE>


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                                                                    Page 4 of 12

                                LADISH CO., INC.
                           CONSOLIDATED BALANCE SHEETS
             (Dollars in Thousands, Except Share and Per Share Data)
<TABLE>
<CAPTION>

                                                                                   March 31,        December 31,
         Assets                                                                      1999               1998
         ------                                                                  -----------        -------------
Current assets:
<S>                                                                              <C>                  <C>        
     Cash and cash equivalents.................................................. $     1,545          $     5,517
     Accounts receivable, less allowance of $300................................      29,255               35,409
     Inventories................................................................      48,052               41,967
     Prepaid expenses and other current assets..................................         502                  276
                                                                                 -----------          -----------
         Total current assets...................................................      79,354               83,169
                                                                                 -----------          -----------
Property, plant and equipment:
     Land and improvements......................................................       3,855                3,855
     Buildings and improvements.................................................      14,962               14,925
     Machinery and equipment....................................................     114,508              112,279
     Construction in progress...................................................       9,092               5,893
                                                                                 -----------          -----------
                                                                                     142,417              136,952
     Less - accumulated depreciation............................................    ( 53,932 )           ( 50,981 )
                                                                                 -----------          ----------
         Net property, plant and equipment......................................      88,485               85,971

Other assets  ..................................................................      10,206               4,737
                                                                                 -----------          ----------

         Total assets........................................................... $   178,045          $   173,877
                                                                                 ===========          ===========

         Liabilities and Stockholders' Equity Current liabilities:
     Current portion of senior debt............................................. $     2,375          $     2,250
     Accounts payable...........................................................      17,089               16,194
     Accrued liabilities:
         Pensions...............................................................         738                  738
         Postretirement benefits................................................       5,488                5,488
         Wages and salaries.....................................................       5,205                4,045
         Taxes, other than income taxes.........................................         258                  272
         Interest...............................................................          62                   36
         Profit sharing........................................................            0                2,720
         Paid progress billings.................................................       4,058                6,767
         Other..................................................................       4,886                4,610
                                                                                 -----------          -----------
              Total current liabilities.........................................      40,159               43,120
Long term liabilities:
     Senior debt, less current portion..........................................       8,505                1,250
     Pensions ..................................................................      16,229               17,422
     Postretirement benefits....................................................      42,364               42,762
     Other noncurrent liabilities...............................................         677                  677
                                                                                 -----------          -----------
              Total liabilities.................................................     107,934              105,231
                                                                                 -----------          ----------

Stockholders' equity:
     Common  stock - authorized  100,000,000, issued 14,188,803 shares and
        14,013,667 shares of $0.01 par value as of March 31, 1999 and
        December 31, 1998, respectively.........................................         142                  140
     Additional paid-in capital.................................................      82,092               81,661
     Accumulated deficit........................................................     ( 9,993 )           ( 11,462 )
     Treasury stock, 282,754 shares and 222,754 shares of common stock at cost  
        as of March 31, 1999 and December 31, 1998, respectively................     ( 2,130 )            ( 1,693 )
                                                                                 -----------          -----------
              Total stockholders' equity........................................      70,111               68,646
                                                                                 -----------          -----------

              Total liabilities and stockholders' equity........................ $   178,045          $   173,877
                                                                                 ===========          ===========
</TABLE>


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                                                                    Page 5 of 12

                                LADISH CO., INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Dollars in Thousands)
<TABLE>
<CAPTION>

                                                                                        For the Three Months
                                                                                           Ended March 31,
                                                                                    -----------------------------
                                                                                       1999               1998
                                                                                    ---------          ----------
CASH FLOWS FROM OPERATING ACTIVITIES:

<S>                                                                                 <C>                <C>       
     Net income.................................................................    $   1,469          $    6,268
     Adjustments to reconcile net income to net cash
        provided from (used for) operating activities:
         Depreciation...........................................................        2,952               2,657
         Amortization...........................................................           76                 107
         Payment-in-kind interest on subordinated debt..........................            0                 289
         Reduction in valuation allowance.......................................          223                 653
         Other..................................................................            0                 ( 3 )


     Change in assets and liabilities:
         Accounts receivable....................................................        7,371             ( 7,040 )
         Inventories............................................................      ( 3,134 )               551
         Other assets...........................................................        ( 287 )               297
         Accounts payable and accrued liabilities...............................      ( 3,383 )            18,641
         Other liabilities......................................................      ( 1,591 )          ( 17,798 )
                                                                                    ---------          ----------

              Net cash provided from operating activities.......................        3,696               4,622
                                                                                    ---------          ----------

CASH FLOWS FROM INVESTING ACTIVITIES:

     Additions to property, plant and equipment.................................      ( 3,453 )           ( 2,763 )
     Proceeds from sale of property, plant and equipment........................          ( 1 )                 3
     Acquisition of business....................................................     ( 11,367 )                 0
                                                                                    ---------          ----------

              Net cash used for investing activities............................     ( 14,821 )           ( 2,760 )
                                                                                    ---------          ----------

CASH FLOWS FROM FINANCING ACTIVITIES:

     Proceeds from (Repayment of) senior debt...................................        7,380            ( 22,391 )
     Retirement of senior subordinated debt and warrants........................            0            ( 11,614 )
     Repayment of notes payable.................................................            0             ( 1,000 )
     Issuance of common stock...................................................            0              35,225
     Repurchase of common stock.................................................        ( 437 )                 0
     Exercise of warrants.......................................................          210               6,951
                                                                                    ---------          ----------

              Net cash provided from financing activities.......................        7,153               7,171
                                                                                    ---------          ----------

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS................................      ( 3,972 )             9,033
CASH AND CASH EQUIVALENTS, beginning of period..................................        5,517                 566
                                                                                    ---------          ----------

CASH AND CASH EQUIVALENTS, end of period........................................    $   1,545          $    9,599
                                                                                    =========          ==========
</TABLE>


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                                                                    Page 6 of 12

                                LADISH CO., INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             (Dollars in Thousands)


(1)    Basis of Presentation

In the opinion of the Company, the accompanying unaudited consolidated financial
statements  contain all  adjustments  necessary to present  fairly its financial
position at March 31, 1999 and December  31, 1998 and its results of  operations
and cash flows for the three months ended March 31, 1999 and March 31, 1998. All
adjustments are of a normal recurring nature.

The accompanying  unaudited consolidated financial statements have been prepared
in accordance with Article 10 of Regulation S-X and therefore do not include all
information  and footnotes  necessary for a fair  presentation  of the financial
position,  results of  operations  and cash flow in  conformity  with  generally
accepted accounting  principles.  In conjunction with its Form 10-K, the Company
filed audited  consolidated  financial statements which included all information
and footnotes  necessary for a fair  presentation  of its financial  position at
December  31,  1998  and  1997,  and  the  related  consolidated  statements  of
operations,  stockholders'  equity,  and cash flows for the years ended December
31, 1998 and 1997.

The results of operations  for the  three-month  period ended March 31, 1999 are
not necessarily indicative of the results to be expected for the full year.

(2)    Inventories

Inventories consisted of:

                                                March 31,       December 31,
                                                  1999              1998
                                               ----------       ------------
       Raw material and supplies               $  19,543         $  16,546
       Work-in-process and finished goods         31,341            28,697
       Less progress payments                    ( 2,832 )         ( 3,276 )
                                               ---------         ---------

             Total inventories                 $  48,052         $  41,967
                                               =========         =========


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                                                                    Page 7 of 12

(3)    Interest and Income Tax Payments

                                                   For the Three Months
                                                      Ended March 31,
                                              -------------------------------
                                                 1999                 1998
                                              ----------            ---------
       Interest                                $   182               $ 2,883
       Income taxes                                204                    --

(4)    Cash and Cash Equivalents

Cash in  excess of daily  requirements  is  invested  in  marketable  securities
consisting of Commercial  Paper and Repurchase  Agreements which mature in three
months or less. Such  investments are deemed to be cash equivalents for purposes
of the statement of cash flows.

(5)    Revenue Recognition

Revenue is recognized when products are shipped.

(6)    Initial Public Offering

On March 13, 1998, the Company received proceeds of $29.5 million on the sale of
2,336,000  shares of common stock in an initial public  offering.  Subsequently,
the  Underwriters   exercised  their  option  to  purchase  501,138  shares  for
additional proceeds of $6.3 million. In addition,  warrants for 5,792,635 shares
were  exercised  for  proceeds and  forgiveness  of debt of  approximately  $7.0
million.

(7)    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 and warrants.


<PAGE>

                                                                    Page 8 of 12

                             Management's Discussion
                    and Analysis of Results of Operations and
                          Changes in Financial Position

RESULTS OF OPERATIONS

First Quarter 1999 Compared to First Quarter 1998

Net sales for the three months ended March 31, 1999 were $42.8 million  compared
to $61.7  for the same  period  in 1998.  The  decrease  in sales  for the first
quarter of 1999 was primarily  attributed to repair and upgrade of the Company's
largest  isothermal press, as disclosed in the Form 8-K dated December 23, 1998,
and the continued decline of the jet engine market.  Gross profit was reduced to
8.0% of sales in contrast to 15.8% of sales in the first three months of 1998 as
a result of under absorption of fixed costs by a diminished level of sales.

Selling,  general and administrative  expenses were reduced to $1.7 million from
$2.1 million, however, as a percentage of sales, were 3.9% for the first quarter
of 1999 compared to 3.3% for the same period in 1998. The percentage increase in
SG&A expenses was also a reflection of under absorption due to reduced sales.

Interest  expense  for the period was reduced to $0.16  million  from a level of
$0.78 million in 1998, an  approximate  80% decrease.  The reduction in interest
expense was attributable to lower loan balances of senior debt, reduced interest
rates and the previous  redemption of subordinated  notes.  Approximately  $0.36
million of the interest  expense in 1998 was related to the  subordinated  notes
issued in 1995 and 1996.  The notes were redeemed March 31, 1998. See "Liquidity
and Capital  Resources".  As of March 31, 1999, the Company's senior debt had an
interest rate equal to the  commercial  paper rate plus 1.0% per annum  (reduced
from 2.0% as of March 31, 1998).

The Company's income before taxes declined to $1.73 million in the first quarter
of 1999 from $6.97 million in 1998, due primarily to the reduction in sales.

The $0.70  million  provision  for taxes  for 1998 and  $0.26  million  for 1999
represent largely non-cash accounting charges. For 1999, the Company is using an
implied tax rate of 15% in  contrast  to the 10% implied tax rate for 1998.  The
reversal of valuation allowances relating to pre-restructuring NOLs requires the
Company to record a tax  provision  and to reflect  the offset as an addition to
paid-in capital, rather than as an offset to the provision for income taxes. The
overall effective rate differs  substantially from the statutory tax rate due to
the  reversal of  valuation  allowances  relating to  post-restructuring  versus
pre-restructuring  deferred tax assets.  The Company  intends to continue to use
its NOLs in the future to reduce actual  payment of federal  income  taxes.  The
future  use of the  NOLs is  subject  to  certain  statutory  restrictions.  See
"Liquidity and Capital Resources - Net Operating Loss Carryforwards".


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                                                                    Page 9 of 12

Liquidity and Capital Resources

In March 1998, the Company entered into an amended and restated credit agreement
(the "Credit  Agreement")  with its lender which  expires on June 30, 2000.  The
Credit Agreement consists of two facilities: (i) a $45 million revolving line of
credit (the "Revolving  Credit  Facility") and (ii) an $8 million term loan (the
"Term Loan"). All of the Company's assets have been pledged to secure borrowings
under the Credit Agreement.

Borrowings  under the  Credit  Agreement  bear  interest  at a rate equal to the
commercial  paper rate plus 1.0% per annum (reduced from 1.5% as of December 31,
1998).  Availability  under  the  Revolving  Credit  Facility  is  subject  to a
borrowing  base  limitation  which is calculated  based upon  eligible  accounts
receivable and  inventories  reduced by the amount of any letters of credit.  At
March 31, 1999,  approximately  $37 million was  available and undrawn under the
Revolving Credit Facility. The balance of the Term Loan as of March 31, 1999 was
$3.0 million.

In December  1995,  the Company issued a total of $4.0 million of its 12% senior
subordinated  secured notes due December 22, 2000 (the "Subordinated  Notes") to
certain stockholders.  In February 1996, the Company completed a second offering
of Subordinated  Notes when it issued an additional $5.3 million of Subordinated
Notes to certain other stockholders.  On March 31, 1998 the Company redeemed the
Subordinated  Notes by repaying the outstanding  face value of the  Subordinated
Notes plus accrued interest thereon.

The Company has net operating loss ("NOL")  carryforwards,  which were generated
prior to a financial restructuring that was completed on April 30, 1993, as well
as NOL  carryforwards  that  were  generated  in  subsequent  years.  The  total
remaining NOL  carryforwards  were  approximately $52 million as of December 31,
1998. The NOL carryforwards  expire gradually beginning in the year 2007 through
2010.

The Company's IPO created an ownership change as defined by the Internal Revenue
Service,  ("IRS").  This ownership change generated an IRS imposed limitation on
the utilization of NOL  carryforwards  on future tax returns.  The annual use of
the NOL  carryforwards is limited to the lesser of the Company's  taxable income
or the amount of the IRS imposed  limitation.  Approximately  $12 million of the
NOL carryforwards is available for use annually. Approximately $2 million of the
$12  million  annual  limitation  relates  to  a  previous  restriction  on  NOL
carryforwards generated prior to the financial restructuring.

Based on the limitations  described above and certain other factors, a valuation
allowance  has been  recorded  against the entire amount of the net deferred tax
assets.  Any tax benefit that is realized in subsequent years from the reduction
of  the  valuation   allowance   established   at  or  prior  to  the  financial
restructuring  will be  recorded  as an  addition  to paid-in  capital.  Any tax
benefit that is realized in subsequent  years from the  utilization  of deferred
tax assets  created  after April 30,  1993,  will be recorded as a reduction  of
future income tax provisions.

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                                                                   Page 10 of 12


Under the common stock repurchase  program  authorized by the Company's Board of
Directors,  the Company repurchased 60,000 shares of its common stock during the
period covered by this report.

Year 2000 Compliance

The Company has  installed a new  computer  operating  system which is compliant
with Year 2000 demands. The new system includes hardware, software,  fiber-optic
wiring and extensive  training for numerous Company  personnel.  The project was
initiated in 1997 and the Company implemented the system at the end of the third
quarter of 1998.  The Company used the fourth  quarter of 1998 to prove-out  and
fully convert to the new operating system. The Company has estimated the cost of
this new operating system to be approximately $6 million.

The Company is currently  assessing the need for Year 2000 contingency plans for
both internal  operations  and external  business  relations.  At this time, the
Company  believes  its new  operating  system  will fully  address all Year 2000
issues. Given the size and sophistication of those customers and suppliers which
are  material to the  Company's  business,  the Company  does not  anticipate  a
significant  business risk associated with Year 2000 compliance by its customers
and suppliers.

                           -------------------------

Any   statements   contained   herein   that  are  not   historical   facts  are
forward-looking   statements  within  the  meaning  of  the  Private  Securities
Legislation  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; technologies; raw
material prices;  interest rates and capital costs; taxes;  unstable governments
and  business  conditions  in  emerging  economies;  and legal,  regulatory  and
environmental  issues. 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 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.

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                                                                   Page 11 of 12

PART II - OTHER INFORMATION

Item 5.  Other Information

As a result of the new shares of common  stock  issued by the Company in the IPO
combined with the  conversion of warrants into common stock as of March 31, 1999
the  Company  had  13,906,049  basic  shares of  common  stock  outstanding  (as
reflected in the  Consolidated  Balance  Sheets on page 4). Due to the timing of
the IPO and the warrant  exercise  combined  with the  dictates of  Statement of
Financial  Accounting  Standards  No. 128,  the  Company  reported on a weighted
average basis  13,871,887  basic shares and 15,208,660  fully-diluted  shares of
common  stock as of March 31,  1999 and  6,701,592  basic  shares and  8,542,829
fully-diluted shares of common stock outstanding as of March 31, 1998.

On February 16, 1999,  the Company  completed the purchase of certain assets and
assumption of certain liabilities of Adco Manufacturing,  Incorporated ("Adco").
The purchase price was comprised of approximately $10.85 million in cash.

The  acquisition has been accounted for using the purchase method of accounting.
Accordingly,  the net assets are included in the Company's  consolidated balance
sheet as of March 31, 1999 based upon their fair values at the acquisition  date
of February 16, 1999. The Company's consolidated statements of operations do not
include the revenues and expenses of Adco prior to this date.  The excess of the
purchase  price  over the fair value of the net assets  acquired  (goodwill)  of
approximately  $5.5 million will be amortized on a  straight-line  basis over 20
years.  At this time,  the  allocation of the purchase  price to Adco's  assets,
including goodwill, is preliminary and subsequently may be adjusted.

On April 12, 1999,  the Company's  joint  venture  partner,  Weber Metals,  Inc.
("Weber"),  experienced an equipment failure on its 38,000-ton press. This press
is used to support the joint  venture  activities  of the Company and Weber.  At
this time the impact of this  equipment  failure on Ladish's  future results can
not be  ascertained as the timing of the repair has yet to be determined and the
extent to which product can be transferred back to the Company's Cudahy facility
or whether any product can be  transferred  to the  facility of Weber's  parent,
Otto Fuchs Metallwerke, is presently being assessed.

Item 6.  Reports on Form 8-K

No reports on Form 8-K have been  filed  with the  Commission  during the period
covered by this report.



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                                                                   Page 12 of 12

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:    May 1, 1999                      By:  /s/  WAYNE E. LARSEN
                                                    Wayne E. Larsen
                                                Vice President Law/Finance
                                                      & Secretary