secwatch.observer — SEC 8-K summary
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Issuer:     EASTERN CO (EML)
CIK:        0000031107
Form:       8-K
Filed at:   2023-03-14T23:59:59+00:00
Accession:  0001654954-23-002849
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Eastern Company Q4 net income $0.2M down 95% YoY; full-year net sales up 13% to $279.3M
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- Net sales from continuing ops FY22 $279.3M (+13%); Q4 $69.1M (+16%) vs prior year periods.
- Net income from continuing ops FY22 $11.1M ($1.77 diluted) down 32%; Q4 $0.2M ($0.03) down 95%.
- Divested non-core Argo EMS in Q4 2022; net leverage improved to 2.27x from 2.46x.
- Backlog at year-end $72.5M, down 12% from end of 2021 due to program transitions.
- Gross margin fell to 21% (FY) from 23% on higher material, freight costs and inventory write-offs.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/31107/000165495423002849/0001654954-23-002849-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/31107/000165495423002849/eml_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-002849

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer