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, 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 September 30, 1999
-----------------------------             ---------------------------------
Common Stock, $0.01 Par Value                         13,686,152


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                                                                    Page 2 of 12


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

<PAGE>

                                                                    Page 3 of 12

<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,
                                                      ----------------------------      -----------------------------
                                                           1999            1998              1999             1998
                                                      ------------    ------------      ------------     ------------
<S>                                                   <C>             <C>               <C>              <C>
Net sales     ........................................$     41,803    $     53,368      $    129,330     $    175,818

Cost of sales ........................................      36,759          46,649           115,833          149,137
                                                      ------------    ------------      ------------     ------------

         Gross income on sales........................       5,044           6,719            13,497           26,681

Selling, general and administrative expenses..........       1,869           1,974             5,448            6,201
                                                      ------------    ------------      ------------     ------------

         Income from operations.......................       3,175           4,745             8,049           20,480

Other income (expense):
     Interest expense.................................        (317)           (149)             (659)          (1,119)
     Other, net.......................................          69             148               239              317
                                                      ------------    ------------      ------------     ------------

         Income from operations
            before provision for income taxes.........       2,927           4,744             7,629           19,678

Provision for income taxes............................         439             474             1,144            1,968
                                                      ------------    ------------      ------------     ------------

         Net income...................................$      2,488    $      4,270      $      6,485     $     17,710
                                                      ============    ============      ============     ============



Basic earnings per share..............................$       0.18    $       0.30      $       0.47     $       1.53

Diluted earnings per share............................$       0.17    $       0.27      $       0.44     $       1.33

Basic weighted average shares outstanding.............  13,700,041      14,006,001        13,750,528       11,590,057

Diluted weighted average shares outstanding...........  14,271,807      15,613,198        14,626,639       13,293,550

</TABLE>


<PAGE>
                                                                    Page 4 of 12
<TABLE>

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

                                                                                          September 30,       December 31,
         Assets                                                                               1999                1998
         ------                                                                          --------------       ------------
Current assets:
<S>                                                                                      <C>                  <C>
     Cash and cash equivalents...........................................................$          859       $      5,517
     Accounts receivable, less allowance of $300.........................................        29,872             35,409
     Inventories.........................................................................        48,210             41,967
     Prepaid expenses and other current assets...........................................           470                276
                                                                                         --------------       ------------
         Total current assets............................................................        79,411             83,169
Property, plant and equipment:
     Land and improvements...............................................................         3,855              3,855
     Buildings and improvements..........................................................        15,003             14,925
     Machinery and equipment.............................................................       115,745            112,279
     Construction in progress............................................................        10,201              5,893
                                                                                         --------------       ------------
                                                                                                144,804            136,952
     Less - accumulated depreciation.....................................................       (59,868)           (50,981)
                                                                                         --------------       ------------
         Net property, plant and equipment...............................................        84,936             85,971

Other assets  ...........................................................................         6,429              4,737
                                                                                         --------------       ------------

         Total assets....................................................................$      170,776       $    173,877
                                                                                         ==============       ============

         Liabilities and Stockholders' Equity
         ------------------------------------
Current liabilities:
     Senior debt.........................................................................$        7,000       $      2,250
     Accounts payable....................................................................        16,944             16,194
     Accrued liabilities:
         Pensions........................................................................           486                738
         Postretirement benefits.........................................................         5,488              5,488
         Wages and salaries..............................................................         4,533              4,045
         Taxes, other than income taxes..................................................           212                272
         Interest........................................................................            11                 36
         Profit sharing..................................................................           525              2,720
         Paid progress billings..........................................................         4,282              6,767
         Other...........................................................................         3,071              4,610
                                                                                         --------------       ------------
              Total current liabilities..................................................        42,552             43,120

Long-term liabilities:
     Senior debt, less current portion...................................................             0              1,250
     Pensions ...........................................................................        15,562             17,422
     Postretirement benefits.............................................................        41,460             42,762
     Other noncurrent liabilities........................................................           677                677
                                                                                         --------------       ------------
              Total liabilities..........................................................       100,251            105,231
                                                                                         --------------       ------------

Stockholders' equity:
     Common stock - authorized 100,000,000, issued 14,318,406 and 14,013,667 shares
        of $0.01 par value as of September 30, 1999 and December 31, 1998, respectively..           143                140
     Additional paid-in capital..........................................................        79,617             81,661
     Accumulated deficit.................................................................        (4,977)           (11,462)
     Treasury stock, 632,254 shares and 222,754 shares of common stock at
        Cost as of September 30, 1999 and December 31, 1998, respectively................        (4,258)            (1,693)
                                                                                         --------------       ------------
              Total stockholders' equity.................................................        70,525             68,646
                                                                                         --------------       ------------

              Total liabilities and stockholders' equity.................................$      170,776       $    173,877
                                                                                         ==============       ============
</TABLE>
<PAGE>

                                                                    Page 5 of 12
<TABLE>

                                                          LADISH CO., INC.
                                                CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                       (Dollars in Thousands)
<CAPTION>
                                                                                                 For the Nine Months
                                                                                                 Ended September 30,
                                                                                         ---------------------------------
                                                                                              1999                1998
                                                                                         --------------       ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                                      <C>                  <C>
     Net income..........................................................................$        6,485       $     17,710
     Adjustments to reconcile net income to net cash
        provided from (used for) operating activities:
         Depreciation....................................................................         8,915              8,129
         Amortization....................................................................           395                185
         Payment-in-kind interest on subordinated debt...................................            --                300
         Reduction in valuation allowance................................................           990              1,839
         Other...........................................................................            (3)                 0

     Change in assets and liabilities:
         Accounts receivable.............................................................         6,754             (5,140)
         Inventories.....................................................................        (3,292)             4,056
         Other assets....................................................................          (447)               147
         Accounts payable and accrued liabilities........................................        (5,449)             4,939
         Other long-term liabilities.....................................................        (3,162)           (18,471)
                                                                                         --------------       ------------

              Net cash provided from operating activities................................        11,186             13,694
                                                                                         --------------       ------------

CASH FLOWS FROM INVESTING ACTIVITIES:

     Additions to property, plant and equipment..........................................        (5,878)            (9,834)
     Proceeds from sale of property, plant and equipment.................................            13                  4
     Acquisition of business.............................................................       (11,533)                --
     IPD funds from escrow...............................................................         3,650                 --
                                                                                         --------------       ------------

              Net cash used for investing activities.....................................       (13,748)            (9,830)
                                                                                         --------------       ------------

CASH FLOWS FROM FINANCING ACTIVITIES:

     Proceeds from (repayment of) senior debt............................................         3,500            (23,391)
     Retirement of senior subordinated debt and warrants.................................            --            (11,625)
     Repayment of notes payable..........................................................            --             (1,000)
     Issuance of common stock............................................................            12             35,036
     Repurchase of common stock..........................................................        (2,565)            (1,091)
     Retirement of warrants..............................................................        (3,253)                --
     Exercise of warrants................................................................           210              6,951
                                                                                         --------------       ------------

              Net cash provided from (used for) financing activities.....................        (2,096)             4,880
                                                                                         --------------       ------------

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS.........................................        (4,658)             8,744
CASH AND CASH EQUIVALENTS, beginning of period...........................................         5,517                566
                                                                                         --------------       ------------

CASH AND CASH EQUIVALENTS, end of period.................................................$          859       $      9,310
                                                                                         ==============       ============
</TABLE>

<PAGE>

                                                                    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  September  30,  1999 and  December  31,  1998 and its  results  of
operations  and cash flows for the nine  months  ended  September  30,  1999 and
September 30, 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, 1997 and 1996.

The results of operations for the nine-month period ended September 30, 1999 are
not necessarily indicative of the results to be expected for the full year.

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

Inventories consisted of:

                                               September 30,      December 31,
                                                   1999               1998
                                               ------------       ------------
     Raw material and supplies                  $  17,545           $ 16,546
     Work-in-process and finished goods            32,589             28,697
     Less progress payments                        (1,924)            (3,276)
                                                ---------           --------

           Total inventories                    $  48,210           $ 41,967
                                                =========           ========


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                                                                    Page 7 of 12

(3)  Interest and Income Tax Payments
     --------------------------------
                                                    For the Nine Months
                                                    Ended September 30,
                                                   ---------------------
                                                    1999           1998
                                                   ------         ------
     Interest                                       $ 641         $3,216
     Income taxes                                     373             32

(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 12


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

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

Third Quarter 1999 Compared to Third Quarter 1998
-------------------------------------------------

Net sales for the three  months  ended  September  30,  1999 were $41.8  million
compared to $53.4 million for the same period in 1998. The decrease in sales for
the third quarter of 1999 was primarily  attributed to the continued  decline of
the jet engine market and the failure of the Company's  joint venture  partner's
38,000-ton  press.  The Company did benefit in the third  quarter of 1999 due to
reduced costs associated with manpower  reductions and product mix. Gross profit
declined to 12.1% of sales in contrast to 12.6% of sales in the third quarter of
1998 as a result of under  absorption  of fixed  costs by the  reduced  level of
sales.

Selling,  general and  administrative  expenses,  as a percentage of sales, were
4.5% for the third quarter of 1999 compared to 3.7% for the same period in 1998.

During  the  third  quarter  of  1999,  the  Company  recorded  an  unusual  and
nonrecurring  cost of approximately  $2 million  associated with the adoption of
the 1999  Retirement  Incentive  Plan (the  "Plan")  for both  hourly and salary
employees  of  the  Company.   This   impacted  the  cost  of   operations   for
manufacturing, selling and general administrative. The costs associated with the
adoption  of the Plan were offset by the  partial  payment the Company  received
from its property insurer in connection with the business  interruption  portion
of the Company's claim with respect to the failure of #116 isothermal  press. At
this time the Company cannot predict the amount of additional  payments from its
insurer or the time period in which those payments would be received.

Interest  expense for the period was $0.32  million in contrast to $0.15 million
in 1998.  The  increase in  interest  expense  was  attributable  to higher loan
balances of senior  debt,  partially  offset by reduced  interest  rates.  As of
September 30, 1999, the Company's  senior debt had an interest rate equal to the
LIBOR rate plus 0.75% per annum  (reduced  from  commercial  paper plus 1.0% per
annum as of September 30, 1998).

The $0.44  million  provision  for taxes  for 1999 and  $0.47  million  for 1998
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".

<PAGE>

                                                                    Page 9 of 12


Nine Months 1999 Compared to Nine Months 1998
---------------------------------------------

Net sales for the first nine months of 1999 of $129.3 million compares to $175.8
million  of sales for the first nine  months of 1998.  The sales  reduction  was
largely  due to a decline of the jet engine and  commercial  aerospace  industry
compounded by the  equipment  failures at both the Company and its joint venture
partner.  Gross  profit  decreased  to 10.4% in the first nine months of 1999 in
comparison  to 15.2%  during the same period in 1998 due to reduced  sales.  Net
income of $6.5  million,  or 5.0% of sales,  for the first  nine  months of 1999
compares to the $17.7 million,  or 10.1% of sales,  for the same period in 1998.
The reduction in net income is attributable to the reduced sales.

For the first nine months of 1999, selling, general and administrative expenses,
as a percentage  of sales,  were 4.2% compared to 3.5% for the first nine months
of 1998.

As discussed above in the discussion of the third quarter  results,  the Company
did  recognize  the cost  associated  with the adoption of the Plan in the first
nine months of 1999, and the partial insurance payment.

Interest  expense for the period of $0.66  million  was a  reduction  from $1.12
million of interest in the first nine months of 1998 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 $1.1 million tax
provision  for the first nine months of 1999,  compared to $2.0  million for the
same  period  in  1998,  represents  the  largely  non-cash  accounting  charges
associated with the use of pre-restructuring NOLs.

Liquidity and Capital Resources
-------------------------------

As of July 1, 1999,  the Company  entered into a new credit  facility  (the "New
Facility") with a syndicate of lenders. The New Facility provides for borrowings
of up to $100 million subject to certain  limitations.  Borrowings under the New
Facility are unsecured and will initially be structured as revolving  loans with
the option of conversion into term loans. Borrowings under the New Facility bear
interest at a rate of LIBOR plus 0.75% per annum. Proceeds from the New Facility
were used to terminate the prior credit  agreement on July 1, 1999. At September
30, 1999,  approximately  $41.0  million was available and undrawn under the New
Facility.  The balance of the borrowings  under the New Facility as of September
30, 1999 was $7.0 million.

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

<PAGE>

                                                                   Page 10 of 12



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.

Under the common stock  repurchase  program (the  "Program")  authorized  by the
Company's Board of Directors,  the Company  repurchased  29,500 shares, or share
equivalents,  of its  common  stock  during  the third  quarter  of 1999.  As of
September  30, 1999,  the Company has  repurchased  1,378,350  shares,  or share
equivalents, of its common stock under the Program.

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 $7.5 million.

The  Company  has  assessed  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


<PAGE>

                                                                   Page 11 of 12



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.


PART II - OTHER INFORMATION
---------------------------

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

No matter was submitted to the stockholders for a vote during the period covered
by this report.

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,
1999 the Company had  13,686,152  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  13,700,041  basic shares and 14,271,807  fully-diluted  shares of
common  stock  outstanding  for the three months  ended  September  30, 1999 and
13,750,528  basic  shares and  14,626,639  fully-diluted  shares of common stock
outstanding for the nine months ended September 30, 1999.

At the May 21, 1999 meeting of the  Compensation and Stock Option Committee (the
"Committee") of the Board of Directors,  the Committee  recommended reducing the
exercise  price of the 402,500  options under the 1996 Long Term  Incentive Plan
from $14.50 per share to $8.25 per share.  At a  subsequent  Board of  Directors
Meeting, the Board of Directors approved the Committee's recommendation.

Item 6.  Exhibits and Reports on Form 8-K
-----------------------------------------

(a)  Exhibit 27. Financial Data Schedule.

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


<PAGE>

                                                                   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: October 25, 1999                  By: /s/  WAYNE E. LARSEN
      ----------------                     ----------------------------------
                                                 Wayne E. Larsen
                                                 Vice President Law/Finance
                                                        & Secretary