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USA - NEENAH FOUNDRY POSTS LOSS
Issued at 2023-12-26
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Neenah Enterprises Inc. and Neenah Foundry Co., the company that manufactures manhole covers and other iron castings and steel forgings for municipal and industrial markets, posted a net loss of $13.3 million in the fiscal third quarter.
Results for the quarter ended June 30 compared with net income of $2.4 million in the same period a year ago. Net sales for the quarter dropped 53 percent to $72.4 million. Overall volumes fell 53 percent as well as measured in tons sold, the Neenah-based company said.
Neenah Foundry said the net loss includes restructuring costs and asset writedowns of $5.1 million related to the previously announced closures of the company's facilities in Kendallville, Ind., and El Monte, Calif.
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