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      September 30, 1998

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 September 30, 1998
Common Stock, $0.01 Par Value                             13,901,913


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                                                                    Page 2 of 11







                         PART I - FINANCIAL INFORMATION
                         ------------------------------

<PAGE>
                                                                    Page 3 of 11
<TABLE>
                                LADISH CO., INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS

             (Dollars in Thousands, Except Share and Per Share Data)
<CAPTION>

                                                            For the Three Months     For the Nine Months
                                                             Ended September 30,     Ended September 30,
                                                             1998          1997       1998          1997

<S>                                                        <C>          <C>         <C>          <C>     
Net sales ..............................................   $ 53,368     $ 54,542    $175,818      $157,072

Cost of sales ..........................................     46,649       46,212     149,137       134,055
                                                            --------    --------    --------     ---------

         Gross income on sales .........................      6,719        8,330      26,681        23,017

Selling, general and administrative expenses ...........      1,974        1,880       6,201         5,607
                                                            --------    --------    --------     ---------

         Income from operations ........................      4,745        6,450      20,480        17,410

Other income (expense):
     Interest expense ..................................       (149)        (840)     (1,119)       (2,659)
     Other, net ........................................        148           68         317           143
                                                           --------     --------    --------     ----------

         Income from operations
            before provision for income taxes ..........      4,744        5,678      19,678        14,894

Provision for income taxes .............................        474          513       1,968         1,195
                                                           --------     --------   --------      ---------

   
         Net income....................................     $ 4,270       $5,165     $17,710       $13,699
                                                           ========     ========    ========    ==========
    




Basic earnings per share (1).........................        $ 0.30        $0.99       $1.53         $2.64

Diluted earnings per share (1).......................        $ 0.27        $0.41       $1.33         $1.10

Basic weighted average shares outstanding (1)........    14,006,001    5,196,307  11,590,057     5,180,011

Diluted weighted average shares outstanding (1)......    15,613,198   12,681,334  13,293,550    12,425,320

--------------------
<FN>
(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.
</FN>
</TABLE>

<PAGE>
                                                                    Page 4 of 11

                                LADISH CO., INC.
                           CONSOLIDATED BALANCE SHEETS

             (Dollars in Thousands, Except Share and Per Share Data)

                                                     September 30,  December 31,
         Assets                                          1998         1997
        --------
Current assets:
     Cash and cash equivalents.....................  $   9,310      $    566
     Accounts receivable, less allowance of $300...     32,771        27,631
     Inventories...................................     44,786        48,842
     Prepaid expenses and other current assets.....        489         2,537
                                                      --------      --------
         Total current assets......................     87,356        79,576
Property, plant and equipment:
     Land and improvements.........................      3,855         3,855
     Buildings and improvements....................     13,891        13,756
     Machinery and equipment.......................    103,570        99,766
     Construction in progress......................     12,561         6,666
                                                     ---------      --------
                                                       133,877       124,043
     Less - accumulated depreciation...............   ( 49,336)     ( 41,206)
                                                      --------      --------
         Net property, plant and equipment.........     84,541        82,837

Other assets  .....................................      4,761         3,048
                                                      --------      --------

   
         Total assets..............................   $176,658      $165,461
                                                      ========      ========
    

         Liabilities and Stockholders' 
           Equity Current liabilities:
     Current portion of senior debt................     $2,125       $ 2,000
     Notes payable.................................         --           250
     Accounts payable..............................     21,354        15,863
     Accrued liabilities:
         Pensions..................................      5,114         8,293
         Postretirement benefits...................      5,567         5,567
         Wages and salaries........................      5,907         5,501
         Taxes, other than income taxes............        213           239
         Interest..................................         39            96
         Profit sharing............................      1,980         2,629
         Other.....................................      9,799         6,846
                                                      --------      --------
              Total current liabilities............     52,098        47,284

Long-term liabilities:
     Senior debt, less current portion.............      1,875        25,391
     Subordinated debt.............................         --        11,325
     Notes payable.................................         --           750
     Pensions .....................................     11,630        28,409
     Postretirement benefits.......................     42,956        43,857
     Other noncurrent liabilities..................      2,637         3,428
                                                      --------      --------
              Total liabilities....................    111,196       160,444
                                                      --------      --------

Stockholders' equity:
     Common stock - authorized 100,000,000, 
        issued 14,013,667 and 5,315,473
        shares in each period of $0.01 par value...        140            53
     Additional paid-in capital....................     81,387        37,798
     Treasury stock - 111,754 shares of common 
      stock at cost................................      ( 941)           --
     Accumulated deficit...........................   ( 15,124)     ( 32,834)
                                                      --------      --------
              Total stockholders' equity...........     65,462         5,017
                                                      --------     ---------

   
              Total liabilities and stockholders'
                equity.............................   $ 176,658      $ 165,461
                                                      =========     ==========
    


<PAGE>
                                                                    Page 5 of 11
<TABLE>
                                LADISH CO., INC.
                       CONSOLIDATED STATEMENTS OF CASH FLOWS

                             (Dollars in Thousands)
<CAPTION>
                                                         For the Nine Months
                                                          Ended September 30,
                                                        1998             1997
CASH FLOWS FROM OPERATING ACTIVITIES:

<S>                                                   <C>               <C>
     Net income...................................    $17,710           $13,699
     Adjustments to reconcile net income to 
        net cash provided from (used for) 
        operating activities:
         Depreciation.............................      8,129             7,365
         Amortization.............................        185               113
         Payment-in-kind interest on 
           subordinated debt......................        300               931
         Reduction in valuation allowance.........      1,839             1,103


     Change in assets and liabilities:
         Accounts receivable......................    ( 5,140)          (10,886)
         Inventories..............................      4,056            (8,886)
         Other assets.............................        147              (156)
         Accounts payable and accrued 
           liabilities............................      4,939             1,779
         Other long-term liabilities...............   (18,471)           (2,688)
                                                      --------         ---------

              Net cash provided from 
               operating activities...............     13,694             2,374
                                                      --------         ---------

CASH FLOWS FROM INVESTING ACTIVITIES:

     Additions to property, plant and
       equipment..................................    ( 9,834)           (6,255)
     Proceeds from sale of property,
       plant and equipment........................          4               612
     Acquisition of business......................         --            (8,515)
     Proceeds from sale of IPD....................         --            36,500
     IPD disposition funds placed in 
       escrow.....................................         --           ( 3,650)
                                                      ---------        ---------

              Net cash provided from 
               (used for) investing activities....     (9,830)           18,692
                                                     ---------         ---------

CASH FLOWS FROM FINANCING ACTIVITIES:

     Repayment of senior debt......................   (23,391)          (20,475)
     Retirement of senior subordinated
      debt and warrants...........................    (11,625)              (69)
     Repayment of notes payable...................     (1,000)               --
     Issuance of common stock.....................     41,987                69
     Repurchase of common stock...................     (1,091)               --
                                                     --------           --------

              Net cash provided from 
               (used for) financing 
                 activities.......................      4,880           (20,475)
                                                    ---------          ---------

INCREASE IN CASH AND CASH EQUIVALENTS.............      8,744               591
CASH, beginning of period.........................        566               102
                                                    ---------          ---------

   
CASH, end of period...............................   $  9,310             $ 693
                                                    =========          =========
    
</TABLE>


<PAGE>
                                                                    Page 6 of 11


                                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  September  30,  1998 and  December  31,  1997 and its  results  of
operations  and cash flows for the nine  months  ended  September  30,  1998 and
September 30, 1997.  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 S-1, 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,  1997  and  1996,  and  the  related  consolidated  statements  of
operations,  stockholders'  equity,  and cash flows for the years ended December
31, 1997, 1996 and 1995.

The results of operations for the nine-month period ended September 30, 1998 are
not necessarily indicative of the results to be expected for the full year.

(2)    Inventories
       -----------
Inventories consisted of:

                                                September 30,       December 31,
                                                    1998               1997

     Raw material and supplies                     $  17,635          $  19,104
     Work-in-process and finished goods               30,374             34,049
     Less progress payments                          ( 3,223 )           (4,311)
                                                  ----------         ----------

   
           Total inventories                       $  44,786          $  48,842
                                                   =========          =========
    


<PAGE>
                                                                    Page 7 of 11

(3)      Interest and Income Tax Payments
         --------------------------------
                                                        For the Nine Months
                                                        Ended September 30,
                                                      1998                1997
                                                      ----                ----
         Interest                                    $ 3,216            $ 2,216
         Income taxes                                     32                297

(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  conversion  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 11
                             Management's Discussion
                    and Analysis of Results of Operations and
                          Changes in Financial Position


Results of Operations
---------------------


Third Quarter 1998 Compared to Third Quarter 1997
-------------------------------------------------

Net sales for the three  months  ended  September  30,  1998 were $53.4  million
compared to $54.5  million  for the same  period in 1997,  a decrease of 2%. The
decrease  in sales for the third  quarter of 1998 was  primarily  attributed  to
inventory adjustments by the Company's major customers in the jet engine market.
The Company also experienced certain equipment  difficulties in the period which
impacted  sales mix.  Gross profit eroded to 12.6% of sales in contrast to 15.3%
of sales  in the  third  quarter  of 1997 as a result  of  product  mix and less
absorption of fixed costs by a lower level of sales.

Selling,  general and  administrative  expenses,  as a percentage of sales, were
3.7% for the third quarter of 1998 compared to 3.4% for the same period in 1997.

Interest  expense  for the period was reduced to $0.15  million  from a level of
$0.84  million in 1997, a decrease of $0.7  million.  The  reduction in interest
expense  was  attributable  to lower loan  balances  of senior  debt and reduced
interest rates. See "Liquidity and Capital Resources". As of September 30, 1998,
the  Company's  senior debt had an interest rate equal to the  commercial  paper
rate plus 1.5% per annum (reduced from 2.0% as of September 30, 1997).

The  Company's  income before taxes of $4.7 million in the third quarter of 1998
compares to $5.7  million in 1997,  due  primarily  to the decrease in sales and
unfavorable sales mix.

The $0.47  million  provision  for taxes  for 1998 and  $0.51  million  for 1997
represent  largely  non-cash  accounting  charges.  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".

NINE MONTHS 1998 COMPARED TO NINE MONTHS 1997
---------------------------------------------
Net sales for the first nine months of 1998 of $175.8 million represent an 11.9%
improvement  over the $157.1 million of sales for the first nine months of 1997.
The sales  growth was largely due to  continued  expansion of the jet engine and
commercial aerospace industry. Gross 

<PAGE>
                                                                    Page 9 of 11

profit  increased  to 15.2% in the first nine  months of 1998 in  comparison  to
14.7% during the first nine months of 1997 due to increased  sales and operating
efficiencies. Net income of $17.7 million, or 10.1% of sales, for the first nine
months of 1998 reflects  positive growth in comparison to the $13.7 million,  or
8.7% of sales,  for the same period in 1997.  The  improvement  in net income is
attributable  to  the  sales  growth,  reduced  interest  expense  and  internal
operating efficiencies.

For the first nine months of 1998, selling, general and administrative expenses,
as a  percentage  of sales,  were 3.5%  compared  to 3.6% for the same period of
1997.

Interest  expense for the period of $1.12 million was a 58% reduction from $2.66
million of interest in the first nine months of 1997 due to reduced  senior loan
balances,  lower interest rates and the retirement of subordinated  notes in the
first quarter of 1998.

As indicated above in the discussion of the Third Quarter,  the $2.0 million tax
provision  for the first nine months of 1998  represents  the  largely  non-cash
accounting charges associated with the use of pre-restructuring NOLs. i.

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 Revolving Credit Facility bear interest at a rate equal to
the commercial paper rate plus 1.5% per annum as of April 1, 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  September  30,  1998,
approximately  $45 million was available and undrawn under the Revolving  Credit
Facility.  The  balance  of the  Term  Loan as of  September  30,  1998 was $4.0
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.

At  December  31,  1997,  the  Company had  approximately  $57.0  million of net
operating loss carryforwards  ("NOLs") for federal income tax purposes, of which
approximately  $21.4 million are  restricted due to the 1993 change of ownership
of the Company.  To the extent that the Company generates taxable income,  these
NOLs will reduce the federal  income taxes of the 

<PAGE>
                                                                   Page 10 of 11

Company in future years,  and therefore  increase its after-tax cash flow. Given
the Company's continued positive financial performance, the Company undertook an
evaluation  of the  treatment  of the NOLs for  future  valuation  purposes  and
anticipates completing the evaluation by the end of 1998.

On March 13, 1998 the Company successfully  completed an initial public offering
for  2,336,000  shares  of  common  stock  (the  "IPO").  The  Company  received
approximately  $29.5  million  in  proceeds  from  the IPO,  after  underwriting
discounts and commissions. Those proceeds were utilized by the Company to reduce
its pension liability,  redeem the Subordinated Notes and repay a portion of the
outstanding indebtedness under the Revolving Credit Facility.  Subsequent to the
IPO, the underwriters elected to purchase additional shares of common stock from
the Company which resulted in the Company receiving  approximately  $6.3 million
in additional proceeds.  These additional proceeds along with approximately $7.0
million of proceeds and  forgiveness  of debt from the exercise of warrants were
used to repay the  remaining  outstanding  balance  under the  Revolving  Credit
Facility.

Under the common stock repurchase  program  authorized by the Company's Board of
Directors, the Company repurchased 111,754 shares of its common stock during the
period covered by this report.  The Company funded this repurchase  program with
$.941 million of the cash generated from operations.

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
period covered by this report.  The Company intends to use 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

<PAGE>

                                                                   Page 11 of 11

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.


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 September 30,
1998 the Company had  13,901,913  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  14,006,001  basic shares and 15,613,198  fully-diluted  shares of
common  stock  outstanding  for the three months  ended  September  30, 1998 and
11,590,057  basic  shares and  13,293,550  fully-diluted  shares of common stock
outstanding for the nine months ended September 30, 1998.

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.


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:     October 30, 1998
                                                 By:     /S/Wayne E. Larson
                                                            Wayne E. Larsen
                                                      Vice President Law/Finance
                                                              & Secretary