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.
Eastern Co (NASDAQ: EML), a leader in industrial hardware and security solutions since 1858, maintains this dedicated news hub for stakeholders tracking its manufacturing innovations and market position. Access timely updates on operational developments, financial performance, and strategic initiatives directly from the source.
This resource consolidates Eastern Co's official announcements including earnings disclosures, product launches, and partnership agreements. Investors benefit from structured updates about metal casting technologies, composite panel advancements, and security system innovations that drive the company's growth in transportation and industrial sectors.
All content undergoes rigorous verification to ensure alignment with financial reporting standards. Users can monitor evolving developments across Eastern Co's global operations while maintaining perspective on its historical engineering expertise. Bookmark this page for efficient tracking of material events impacting EML's market trajectory.
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.
The Eastern Company (NASDAQ: EML) will release its financial results for Q4 and fiscal year 2021 on March 17, 2022, after market close. A conference call will follow on March 18, 2022, at 11:00 a.m. ET, to discuss the results. Dial-in options are available for both US and international participants. The Company, which operates in multiple locations including the U.S. and China, specializes in engineered solutions for commercial transportation and logistics markets.
The Eastern Company (NASDAQ:EML) has declared a quarterly cash dividend of $0.11 per share, payable on March 15, 2022, to shareholders of record as of March 1, 2022. This marks the company's 326th consecutive quarterly dividend, demonstrating a commitment to returning value to shareholders. Eastern Company operates in various countries, including the U.S., Canada, and China, focusing on providing engineered solutions to niche markets. The firm aims for long-term growth despite potential risks associated with market conditions and the ongoing effects of COVID-19.
The Eastern Company (NASDAQ:EML) announced the retirement of Michael McManus from its Board of Directors, effective December 31, 2021. McManus has served since 2015 and was instrumental as Chairman of the Compensation Committee. James Mitarotonda, the Board Chairman, expressed gratitude for McManus’s contributions. John Everets will succeed him as Chairman of the Compensation Committee from January 1, 2022. The Board is actively searching for a new Director to be elected at the 2022 annual shareholder meeting.
The Eastern Company (NASDAQ:EML) has sold its Frazer & Jones foundry business, a move aimed at streamlining its portfolio to enhance growth and operating margins. President and CEO August Vlak noted that this sale aligns with their strategy to focus on core businesses, with proceeds allocated towards debt reduction and share repurchases. This follows prior divestitures of non-core businesses, signaling a commitment to strengthening the company’s primary operations.
The Eastern Company (NASDAQ:EML) reported a 15% increase in net sales from continuing operations, totaling $63.9 million for Q3 2021, driven by strong demand in core markets. Net earnings increased 21% to $3.8 million, or $0.61 per diluted share. Gross margins rose to 24%, aided by price increases offsetting material costs. Backlog grew significantly to $83.1 million, up 44% year-over-year. The company divested Greenwald Industries, utilizing proceeds for debt reduction and share repurchases. The net leverage ratio improved to 2.5x, indicating a strong balance sheet.
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