Welcome to our dedicated page for Eastern Co news (Ticker: EML), a resource for investors and traders seeking the latest updates and insights on Eastern Co 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) reported a 55% increase in net sales from continuing operations to $61.2 million for Q2 2021, driven by strong demand in various industrial markets. Net earnings rose 32% to $2.8 million or $0.44 per diluted share. However, gross margins declined to 23% due to rising material and freight costs. The backlog improved significantly, reaching $89.2 million, a 61% increase year-over-year. A one-time charge of $8.1 million was recorded regarding discontinued operations, leading to a loss per diluted share of ($0.71).
The Eastern Company (NASDAQ:EML) has declared a quarterly cash dividend of $0.11 per share, scheduled for payment on September 15, 2021. Shareholders of record as of August 13, 2021 will benefit from this dividend, marking the company's 324th consecutive quarterly distribution. This reflects the company's ongoing commitment to providing returns to its investors amidst its operations across various countries, focusing on long-term growth in industrial markets.
The Eastern Company (NASDAQ:EML) has declared a quarterly cash dividend of $0.11 per share, set to be paid on June 15, 2021, to shareholders of record as of May 12, 2021. This marks the company's 323rd consecutive quarterly dividend, reflecting its commitment to returning value to shareholders. The Eastern Company focuses on industrial markets through its segments: Engineered Solutions and Diversified Products, operating in the U.S. and internationally.
The Eastern Company (NASDAQ:EML) reported record first-quarter 2021 net sales of $73.1 million, a 12% increase from Q1 2020. Gross margin improved by 1.2% due to effective cost management despite rising raw material prices. Earnings per diluted share surged 102% to $0.93, aided by a $1.4 million one-time gain from consolidating operations. Operational cash flow grew 40% to $2.1 million, strengthening the balance sheet with net leverage at 2.8x. Backlog increased 33% year-over-year to $98.0 million.
The Eastern Company (NASDAQ:EML) will hold its 2021 Annual Meeting of Shareholders virtually on April 28, 2021, at 11:00 a.m. ET. Following the meeting, President and CEO August Vlak will conduct an investor webcast discussing the company's core businesses, including Big 3 Precision, Eberhard, and Velvac. The presentation will highlight how these businesses are adapting to market changes due to digitization and automation. A replay of the webcast will be available for those unable to attend live.
The Eastern Company (NASDAQ:EML) reported a fourth quarter net sales of $60.4 million, reflecting a 12% decline from the previous year, due to lower automotive and mining demand. However, backlog orders rose to $85.0 million, indicating a recovery as markets rebound to pre-pandemic levels. Net income for the quarter was $1.4 million, with adjusted earnings of $0.74 per diluted share. For the full year, net sales fell 5% to $240.4 million, with net income down 59% to $5.4 million. The company maintains a strong balance sheet with a net leverage ratio of 3.04x.
The Eastern Company (NASDAQ: EML) will participate in the virtual ROTH Capital Partners’ 33rd Annual Conference from March 15-17, 2021. President and CEO August M. Vlak and Head of Corporate Development Chris Moulton will engage in one-on-one meetings with investors and analysts. They will discuss the company’s core segments, including Big 3 Precision, Eberhard, and Velvac, highlighting how these divisions are adapting to market changes driven by digitization and automation. For more details, visit the company’s investor relations page.
The Eastern Company (NASDAQ:EML) will release its financial results for the fourth quarter and fiscal year ending January 2, 2021, on March 15, 2021, after market close. A conference call and webcast will follow on March 16, 2021, at 11:00 a.m. ET to discuss the results. Interested parties can join the call by dialing (888) 506-0062 within the US or (973) 528-0011 internationally, using conference entry code: 326514. The Eastern Company operates in Engineered Solutions and Diversified Products, focusing on long-term growth opportunities.
The Eastern Company (NASDAQ:EML) has declared a regular quarterly cash dividend of $0.11 per share, payable on March 15, 2021, to shareholders on record as of March 1, 2021. This marks the Company's 322nd consecutive quarterly dividend, emphasizing its commitment to returning value to shareholders. Established over 162 years ago, The Eastern Company operates across three segments: Industrial Hardware, Security Products, and Metal Products, with a focus on long-term growth within niche markets.
The Eastern Company (NASDAQ:EML) announced the appointment of Nicklas Lentine as the new President of its Big 3 Precision subsidiary, a leader in turn-key packaging solutions. Lentine brings over 25 years of experience, particularly in the automotive sector. This leadership change aims to leverage growth opportunities in a transforming market with the rise of electric vehicles and automation. The company continues to adapt to shifts in consumer demand and technological advances, emphasizing strategic leadership for future success.
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