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      June 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 June 30, 1998
Common Stock, $0.01 Par Value                         14,013,667


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                                                                   Page 2 of 11






















                                          PART I - FINANCIAL INFORMATION



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                                                                   Page 3 of 11


                                LADISH CO., INC.
                     CONSOLIDATED STATEMENTS OF OPERATIONS

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

                                   For the Three Months    For the Six Months
                                       Ended June 30,         Ended June 30,
                                   1998            1997    1998          1997

Net sales.......................$  60,779    $  52,607   $ 122,450   $  102,530

Cost of sales...................   50,531       43,899     102,488       87,843
                                ---------    ---------   ---------    ---------

     Gross income on sales......   10,248        8,708      19,962       14,687

Selling, general and 
  administrative expenses.......    2,170        1,969       4,227        3,727
                                ---------    ---------   ---------    ---------

     Income from operations.....    8,078        6,739      15,735       10,960

Other income (expense):
  Interest expense.............     ( 189 )      ( 888 )     ( 970 )    ( 1,819)
  Other, net...................        80           62         169           75
                                ---------    ---------   ---------    ---------

    Income from operations
       before provision for 
       income taxes                 7,969        5,913      14,934        9,216

Provision for income taxes....        797          437       1,494          682
                                ---------    ---------   ---------    ---------

Net income....................$     7,172      $ 5,476     $13,440      $ 8,534
                                =========    =========   =========    =========



Basic earnings per share (1)..$       .51   $     1.05  $     1.30   $     1.65

Diluted earnings per share(1).$       .46   $      .45  $     1.11   $      .70

Basic weighted average 
  shares outstanding (1)       13,982,310    5,196,307   10,362,06    5,171,728

Diluted weighted average
  shares outstanding (1)       15,702,259   12,280,653  12,105,471   12,236,433

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

     (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.


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                                                                   Page 4 of 11


                                LADISH CO., INC.
                          CONSOLIDATED BALANCE SHEETS

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

                                                      June 30,    December 31,
         Assets                                        1998           1997
         ------
Current assets:
     Cash and cash equivalents.....................$      5,417   $        566
     Accounts receivable, less allowance of $300...      34,794         27,631
     Inventories...................................      47,538         48,842
     Prepaid expenses and other current assets.....         327          2,537
                                                   ------------    -----------
         Total current assets......................      88,076         79,576
Property, plant and equipment:
     Land and improvements.........................       3,855          3,855
     Buildings and improvements....................      13,865         13,756
     Machinery and equipment.......................     103,341         99,766
     Construction in progress......................       9,162          6,666
                                                   ------------    -----------
                                                        130,223        124,043
     Less - accumulated depreciation...............    ( 46,619 )     ( 41,206 )
                                                    -----------     ----------
         Net property, plant and equipment.........      83,604         82,837

Other assets.......................................       4,784          3,048
                                                    -----------     ----------

         Total assets..............................$    176,464      $ 165,461
                                                      =========      =========

         Liabilities and Stockholders' Equity
            Current liabilities:
     Current portion of senior debt................$      2,000      $   2,000
     Notes payable.................................          --            250
     Accounts payable..............................      23,845         15,863
     Accrued liabilities:
         Pensions..................................       9,554          8,293
         Postretirement benefits...................       5,567          5,567
         Wages and salaries........................       6,008          5,501
         Taxes, other than income taxes............         148            239
         Interest..................................          50             96
         Profit sharing............................       1,880          2,629
         Other.....................................       7,299          6,846
                                                    -----------     ----------
              Total current liabilities............      56,351         47,284

Long-term liabilities:
     Senior debt, less current portion.............       2,500         25,391
     Subordinated debt.............................          --         11,325
     Notes payable.................................          --            750
     Pensions......................................       9,398         28,409
     Postretirement benefits.......................      43,128         43,857
     Other noncurrent liabilities..................       3,397          3,428
                                                    -----------     ----------
              Total liabilities....................     114,774        160,444
                                                    -----------     ----------

Stockholders' equity:
     Common stock - authorized 100,000,000,
       issued and outstanding 14,013,667 and 
       5,315,473 shares in each period of 
       $0.01 par value.............................         140             53
     Additional paid-in capital....................      80,944         37,798
     Accumulated deficit...........................    ( 19,394 )     ( 32,834 )
                                                    -----------     ----------
              Total stockholders' equity...........      61,690          5,017
                                                    -----------     ----------

              Total liabilities and
               stockholders' equity................   $ 176,464      $ 165,461
                                                      ========       =========


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                                                                   Page 5 of 11


                                LADISH CO., INC.
                     CONSOLIDATED STATEMENTS OF CASH FLOWS

                             (Dollars in Thousands)

                                                       For the Six Months
                                                         Ended June 30,
                                                     1998                1997

CASH FLOWS FROM OPERATING ACTIVITIES:

     Net income...................................$   13,440         $   8,534
     Adjustments to reconcile net income to
        net cash provided from (used for)
        operating activities:
         Depreciation..............................    5,413             4,830
         Amortization..............................      145                66
         Payment-in-kind interest on subordinated
           debt....................................      300               622
         Reduction in valuation allowance..........    1,396               682


     Change in assets and liabilities:
         Accounts receivable.......................   ( 7,163 )         ( 8,550)
         Inventories...............................     1,304          ( 11,534)
         Other assets..............................       326               110
         Accounts payable and accrued liabilities..     9,317             3,396
         Other long-term liabilities...............  ( 19,771 )         ( 4,731)
                                                   ----------       -----------

              Net cash provided from (used for)
                 operating activities..............     4,707           ( 6,575)
                                                   ----------       -----------

CASH FLOWS FROM INVESTING ACTIVITIES:

     Additions to property, plant and
       equipment...................................   ( 6,180 )         ( 4,239)
     Proceeds from sale of property, plant
       and equipment...............................         3               600
     Acquisition of business.......................       --            ( 8,513)
     Proceeds from sale of IPD.....................       --             36,500
     IPD disposition funds placed in escrow........       --            ( 3,650)
                                                   ----------       -----------

              Net cash provided from (used for
                 investing activities..............   ( 6,177 )          20,698
                                                     --------       -----------

CASH FLOWS FROM FINANCING ACTIVITIES:

     Repayment of senior debt......................  ( 22,891 )        ( 13,934)
     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....................     ( 150 )             --
                                                   ----------       -----------

              Net cash provided from (used for)
                 financing activities..............     6,321          ( 13,934)
                                                   ----------       -----------

INCREASE IN CASH AND CASH EQUIVALENTS..............     4,851               189
CASH, beginning of period..........................       566               102
                                                   ----------       -----------

CASH, end of period................................$    5,417       $       291
                                                   ==========       ===========


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                                                                    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 June 30, 1998 and  December  31, 1997 and its results of  operations
and cash flows for the six months  ended June 30,  1998 and June 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 six-month  period ended June 30, 1998 are not
necessarily indicative of the results to be expected for the full year.

(2)      Inventories

Inventories consisted of:

                                          June 30,                December 31,
                                            1998                      1997

     Raw material and supplies             $  16,936                 $  19,104
     Work-in-process and finished goods       34,486                    34,049
     Less progress payments                  ( 3,884 )                 ( 4,311 )
                                          ----------                ----------

           Total inventories               $  47,538                 $  48,842
                                           =========                 =========



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                                                                   Page 7 of 11


(3)      Interest and Income Tax Payments

                                                          For the Six Months
                                                             Ended June 30,
                                                         1998              1997

     Interest                                          $ 3,084          $ 1,716
     Income taxes                                           11              141

(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.



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                                                                   Page 8 of 11


                             MANAGEMENT'S DISCUSSION
                    AND ANALYSIS OF RESULTS OF OPERATIONS AND
                          CHANGES IN FINANCIAL POSITION


RESULTS OF OPERATIONS
---------------------

Second Quarter 1998 Compared to Second Quarter 1997


Net sales for the three months ended June 30, 1998 were $60.8  million  compared
to $52.6  million for the same period in 1997,  an increase of 16%. The increase
in  sales  for the  second  quarter  of 1998  was  primarily  attributed  to the
continued  resurgence of the jet engine  market.  The Company also  continued to
benefit  in  1998  due  to  improvement  in  on-time  deliveries  and  focus  on
manufacturing productivity.  Gross profit improved to 16.9% of sales in contrast
to 16.6%  of  sales in the  second  quarter  of 1997 as a  result  of  operating
efficiencies  and greater  absorption  of fixed costs by an  increased  level of
sales.

Selling,  general and  administrative  expenses,  as a percentage of sales, were
3.6% for the second  quarter  of 1998  compared  to 3.7% for the same  period in
1997.

Interest  expense  for the period was reduced to $0.19  million  from a level of
$0.89  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 June 30, 1998, the
Company's  senior debt had an interest rate equal to the  commercial  paper rate
plus 1.5% per annum (reduced from 2.5% as of June 30, 1997).

The  Company's  income  before taxes  increased  from $5.9 million in the second
quarter of 1997 to $8.0 million in 1998, due primarily to the increase in sales.

The $0.80  million  provision  for taxes  for 1998 and  $0.44  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".

Six Months 1998 Compared to Six Months 1997
-------------------------------------------


Net sales for the first six months of 1998 of $122.5  million  represent a 19.5%
improvement  over the $102.5  million of sales for the first six months of 1997.
The sales  growth was largely due to  continued  expansion of the jet engine and
commercial aerospace industry.  Gross profit increased to 16.3% in the first six
months of 1998 in  comparison  to 14.3%  during  the  first  half of 1997 due to
increased  sales and operating  efficiencies.  Net income of $13.4  million,  or
10.9%  of  sales,  for the  first  half  of 1998  reflects  positive  growth  in
comparison to the $8.5 million,  or 8.3% 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 six months of 1998, selling,  general and administrative expenses,
as a percentage of sales, were 3.5% compared to 3.6% for the first half of 1997.

Interest  expense for the period of $0.97 million was a 47% reduction from $1.82
million of interest  in the first six 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 Second Quarter, the $1.5 million tax
provision  for the first six  months of 1998  represents  the  largely  non-cash
accounting charges associated with the use of pre-restructuring NOLs.

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 June 30, 1998,  approximately
$45 million was available and undrawn under the Revolving Credit  Facility.  The
balance of the Term Loan as of June 30, 1998 was $4.5 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 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.



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.



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                                                                  Page 9 of 11

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 the Company had
14,013,667  basic  shares of common  stock  outstanding  as of June 30, 1998 (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  13,982,310  basic shares and 15,702,259  fully-diluted  shares of
common stock outstanding for the three months ended June 30, 1998 and 10,362,063
basic shares and 12,105,471 fully-diluted shares of common stock outstanding for
the six months ended June 30, 1998.

Item 6.     Exhibits and Reports on Form 8-K

     (a) Exhibits

         27   Financial Data Schedule

     (b) 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:      July 28, 1998                        By:  /s/ Wayne E. Larsen
                                                        Wayne E. Larsen
                                                    Vice President Law/Finance
                                                          & Secretary


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                                 EXHIBIT INDEX


Exhibit No.         Description

    27             Financial Data Schedule