Eastern Company Q2 net income falls to $1.4M from $3.7M; cash flow improves $16M in H1

EASTERN CO

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

GAAP diluted EPS $0.22 vs $0.59 YoY; adjusted diluted EPS $0.40 vs $0.59.
Net sales $68.3M, down 2% from $69.5M; gross margin 22% (up 1% sequentially).
Closed Associated Toolmakers (cost $1.4M); acquired Sureflex assets for Velvac.
Cash from ops +$16M YTD; paid $5M debt in Q2; net leverage 1.95x.
Declared $0.11/share regular dividend; 332nd consecutive quarterly dividend.

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 0.95

EASTERN CO reported the second fiscal quarter ended July 1, 2023 results: revenue $68.3 million, net income $1.4 million, EPS $0.22 per diluted share.

Period: the second fiscal quarter ended July 1, 2023
Revenue: $68.3 million
Net income: $1.4 million
EPS: $0.22 per diluted share
Result: reported results

Exact text from the filing

Net sales in the second quarter of 2023 decreased 2% to $68.3 million from $69.5 million in the corresponding period in 2022.

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EASTERN CO filing history →

Source: SEC EDGAR

accession 0001654954-23-010296

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