Neenah Foundry Company has announced fiscal 2005 consolidated net sales of $541.7 million and consolidated net income of $15.1 million. The net sales for 2005 represent a 20.2% increase over the $450.9 net sales recorded in fiscal 2004.
The additional revenue is attributed to stronger sales in the markets in which the Company participates coupled with the steel scrap surcharge that compensates the Company for higher raw material costs. The net income for 2005 represents an increase of $11.8 million or 463.8% over the $3.3 million recorded in fiscal 2004. The increased volume coupled with the ability to pass through increased raw material costs accounted for most of the difference in net income.
Neenah Foundry Company manufactures and markets a wide range of iron castings and steel forgings for the heavy municipal market and selected segments of the industrial markets. Neenah is one of the larger independent foundry companies in the country, with substantial market share in the municipal and various industrial markets for gray and ductile iron castings and forged steel products.
