Welcome to our dedicated page for Eastern news (Ticker: EML), a resource for investors and traders seeking the latest updates and insights on Eastern stock.
The Eastern Company reports developments for an industrial manufacturer of engineered solutions serving commercial transportation, logistics, and other industrial markets. Its business includes vehicular and industrial hardware, returnable packaging solutions, latches, hinges, camlocks, mirrors, and mirror-camera products within its Engineered Solutions segment.
Company news commonly covers quarterly and annual results, end-market demand in heavy-duty truck and automotive programs, cost and footprint actions, capital allocation, debt reduction, share repurchases, credit facilities, and regular quarterly cash dividends. Updates also describe operations across the United States, Canada, Mexico, Taiwan, and China.
The Eastern Company (NASDAQ:EML) will release its third quarter 2021 financial results on November 10, 2021, after market close. A conference call is scheduled for November 11, 2021, at 11:00 a.m. ET to discuss the findings. Those unable to attend can access a replay of the webcast. The company specializes in engineered solutions for industries such as commercial transportation and logistics and operates in multiple countries including the U.S., Canada, Mexico, U.K., Taiwan, and China.
The Eastern Company (NASDAQ:EML) declared its quarterly cash dividend of $0.11 per share, set for payment on December 15, 2021. This marks the company's 325th consecutive quarterly dividend, reflecting its commitment to returning value to shareholders. Shareholders of record as of November 15, 2021 are eligible. The Eastern Company specializes in engineered solutions for niche industrial markets and operates globally. The announcement underscores the company's financial robustness amidst ongoing challenges from market dynamics.
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.