Eastern Company reports Q1 GAAP net income of $0.6M, down 78% YoY despite 5% sales growth

EASTERN CO

2023-Q2 EPS reported $0.32 revenue$140,833,158

Net sales rose 5% to $72.5M; GAAP diluted EPS $0.10 vs $0.43; adjusted EPS $0.36 vs $0.46.
Inventory down 11% vs Dec 2022; operating cash flow improved $10.4M to $6.9M source.
Selling/admin expenses up 21% driven by $1.8M severance for CEO/COO departures.
Backlog $72M vs $85.8M prior year; new product launches include electric vehicle components.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

EASTERN CO reported first fiscal quarter ended April 1, 2023 results: revenue $72.5 million, net income $0.6 million, EPS $0.10 per diluted share.

Period: first fiscal quarter ended April 1, 2023
Revenue: $72.5 million
Net income: $0.6 million
EPS: $0.10 per diluted share
Result: reported results

Exact text from the filing

Net sales in the first quarter of 2023 increased 5% to $72.5 million from $69.0 million in the corresponding period in 2022.

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EASTERN CO filing history →

Source: SEC EDGAR

accession 0001654954-23-010218

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