Eastern Co Stock Price, News & Analysis

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.

The Eastern Company (NASDAQ:EML) has announced a significant reduction in its long-term debt obligations by $5.0 million, resulting in a total long-term debt of $94.9 million as of October 3, 2020. The company’s leverage ratio stands at 2.90x. President & CEO August Vlak highlighted that this decision supports their recovery efforts post-COVID-19 disruptions, with net sales increasing 35% sequentially in Q3 2020 and $16.7 million in cash generated from operations in the first nine months of the year.

The Eastern Company (NASDAQ:EML) announced the divestiture of its Sesamee Mexicana and Eberworld businesses as part of its strategy to streamline operations and enhance growth potential. The existing management of Sesamee acquired 100% of the companies' shares, although the transaction terms remain undisclosed. This sale follows the earlier divestiture of Canadian Commercial Vehicles and marks Eastern’s exit from the custom-engineered composite panels market. CEO August Vlak emphasized that this move aims to fortify operational margins and focus on core business segments.

The Eastern Company (NASDAQ:EML) reported a robust recovery for Q3 2020, achieving net sales of $65.8 million, a 35% increase from Q2 2020 and an 8% rise from Q3 2019. The earnings per share (EPS) surged to $0.48, recovering from a loss of $0.30 in the previous quarter. Strengthened by acquisitions, including Hallink, and effective expense control measures, operational cash flow reached $9.3 million, nearly 2.5 times that of Q3 2019. The company also reduced its debt by $1.3 million during the period and maintains a strong balance sheet with a net leverage ratio of 2.90x.

The Eastern Company (NASDAQ:EML) has announced a quarterly cash dividend of $0.11 per share, payable on December 15, 2020, to shareholders on record as of November 18, 2020. This marks the company's 321st consecutive quarterly dividend, reflecting its commitment to returning value to shareholders. Operating for 162 years, the Eastern Company focuses on industrial markets with growth potential across three segments: Industrial Hardware, Security Products, and Metal Products, with operations in the U.S., Canada, Mexico, U.K., Taiwan, and China.