Welcome to our dedicated page for Eastern Company news (Ticker: EML), a resource for investors and traders seeking the latest updates and insights on Eastern Company stock.
The Eastern Company (NASDAQ: EML), established in 1858, is a prominent manufacturer specializing in custom-engineered industrial hardware, security products, and metal castings. With operations spanning the U.S., Canada, Mexico, Taiwan, and China, Eastern is adept at responding to diverse market needs via its robust product range.
The Company operates through three primary divisions: the Industrial Hardware Group, the Security Products Group, and the Metal Products Group. The Industrial Hardware Group boasts a comprehensive array of latches, locks, and security hardware, renowned for high quality, especially in the transportation sector under the Eberhard brand. This division also includes the Composite Panel Technologies, which adds significant versatility to its offerings.
The Security Products Group is dedicated to safeguarding property and controlling access through custom-engineered locks produced by the Illinois Lock Company/CCL Security Products division, serving a myriad of original equipment manufacturers.
The Metal Products Group continues to demonstrate strength and innovation in metal casting, supporting various industrial applications.
Recent achievements underscore Eastern's commitment to enhancing shareholder value and operational efficiency. For instance, Eastern's Board of Directors approved a new share repurchase program authorizing the repurchase of up to 200,000 shares through August 2028. This initiative, as articulated by the Company's Chairman, Mr. James Mitarotonda, aims to return value to shareholders and mitigate dilution from stock issuances related to long-term incentive compensation.
Under the guidance of President and CEO Mark Hernandez, Eastern has pursued strategic initiatives to bolster financial health, such as an impressive reduction in long-term debt and improvements in gross margins. The Company’s four-pronged strategy focuses on disciplined operations, optimal capital utilization, a focused commercial approach, and value-adding acquisitions, exemplified by their recent acquisition of Sureflex, Inc., enhancing their manufacturing efficiency.
Eastern's financial performance for recent quarters reflects these efforts, with significant improvements in gross margin and reductions in selling, general, and administrative expenses due to strategic cost-saving measures. Despite challenges such as supply chain disruptions and fluctuating market demands, Eastern continues to show resilience and adaptability, positioning itself robustly for future growth.
Looking forward, Eastern remains committed to harnessing synergies within its divisions under the “One Eastern” strategy, aiming to reduce manufacturing and supply chain costs while optimizing performance and profitability.
The Eastern Company (NASDAQ:EML) will release its Q3 fiscal results on November 7, 2022, after market close. A conference call is scheduled for November 8, 2022, at 11:00 a.m. ET, where management will discuss the results and other matters. Participants can join via a toll-free number or online webcast. The Eastern Company focuses on engineered solutions for niche industrial markets, operating across several countries. For more information, visit easterncompany.com.
The Eastern Company (NASDAQ:EML) announced the sale of its Argo EMS business, aiming to streamline its operations and enhance growth in its core sectors. President & CEO August Vlak stated that this divestiture aligns with the company's strategy to focus on three principal businesses and is expected to strengthen operating margins. The proceeds from the sale will primarily be used to reduce debt, with an anticipated gain recorded in the fourth quarter of fiscal 2022. This completes the divestiture of all non-core assets.
The Eastern Company (NASDAQ:EML) has declared its regular quarterly cash dividend of $0.11 per share, payable on September 15, 2022, to shareholders on record as of August 15, 2022. This marks the 328th consecutive quarterly dividend for the company, reflecting its ongoing commitment to returning value to shareholders. The Eastern Company operates across various locations, including the U.S., Canada, and China, focusing on engineered solutions for industries with macroeconomic growth potential.
The Eastern Company (NASDAQ:EML) will announce its Q2 fiscal year 2022 financial results on August 8, 2022, after market close. A conference call is scheduled for August 9, 2022, at 11:00 a.m. ET to discuss these results. Participants can join via phone or webcast. The company specializes in engineered solutions for industrial markets and operates in several countries including the U.S., Canada, and China. For more details, visit easterncompany.com.
The Eastern Company (NASDAQ:EML) has appointed Mark Hernandez and Michael Mardy to its Board of Directors. Hernandez, currently Executive Vice President at Navistar Inc, brings extensive experience in manufacturing and logistics, previously serving at McKinsey & Company and Daimler AG. Mardy has a robust financial background, having held key positions at Tumi Holdings and other companies. The Chairman, James Mitarotonda, expressed confidence in their ability to enhance board contributions with their industry expertise.
The Eastern Company reported record net sales of $69.0 million in Q1 2022, up 12% year-over-year. Backlog increased 23% to $85.8 million. However, gross margin declined to 21% from 25% due to rising raw material costs, with nickel prices soaring by 41%. Earnings per diluted share fell to $0.43, down from $0.90 in 2021, indicating pressure from increased costs despite higher sales volumes. The company's management remains optimistic about future growth, anticipating continued demand in core markets.
The Eastern Company (NASDAQ:EML) has declared a quarterly cash dividend of $0.11 per share, payable on June 15, 2022, to shareholders of record by May 13, 2022. This marks the company's 327th consecutive quarterly dividend, reflecting its commitment to returning value to shareholders. The Eastern Company focuses on engineered solutions for niche markets, operating in the U.S., Canada, Mexico, U.K., Taiwan, and China.
The Eastern Company (NASDAQ:EML) will hold its Annual Meeting of Shareholders virtually on April 26, 2022, at 11:00 a.m. ET. A replay of the webcast will be available for those unable to attend live. The company specializes in engineered solutions for commercial transportation and logistics, focusing on long-term growth opportunities across various global locations, including the U.S., Canada, Mexico, U.K., Taiwan, and China. Detailed information can be found on their website.
The Eastern Company (NASDAQ: EML) announced it will release its financial results for Q1 fiscal 2022 after market close on May 9, 2022. A conference call to discuss these results is scheduled for May 10, 2022, at 11:00 a.m. ET. Investors can join the call via dial-in or watch it online. The company, which focuses on engineered solutions for various industrial markets, operates globally from locations in the U.S., Canada, Mexico, U.K., Taiwan, and China.
The Eastern Company (EML) reported a 25% increase in net sales from continuing operations for 2021, reaching $246.5 million. This growth was fueled by strong demand and new product launches, with a backlog of $82.8 million, up 28% from 2020. Gross margin slightly decreased to 23% due to rising material costs, with unrecovered costs estimated at $5.5 million. Earnings per diluted share rose 47% to $2.58. The company also announced the retirement of CFO John Sullivan, effective May 15, 2022, and the hiring of Peter O'Hara, who brings extensive finance experience.
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