Eastern Q1 net income triples to $1.9M; gross margin up to 24%; backlog rises 35%

EASTERN CO

2025-Q1 EPS reported $0.31 revenue$67,929,087

Net sales $67.9M (-6% YoY); GAAP EPS $0.31 vs $0.10; adjusted EPS $0.31 vs $0.36.
Gross margin 24% vs 21%; backlog $97.4M (+35% YoY, +22% from Dec 2023).
Long-term debt reduced to $43.1M; leverage ratio 1.40; inventory down $3.5M from year-end.
Adjusted EBITDA $5.2M vs $5.5M; prior year had $1.8M severance & $0.4M Greenwald impact.
CEO cites distributor destocking nearly complete; focus on cost reduction and M&A.

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 first fiscal quarter ended March 30, 2024 results: revenue $67.9 million, net income $1.9 million, EPS $0.31 per diluted share.

Period: first fiscal quarter ended March 30, 2024
Revenue: $67.9 million
Net income: $1.9 million
EPS: $0.31 per diluted share
Result: reported results

Exact text from the filing

commercial vehicle customers while driving revenue growth and profitability gains.” First Quarter 2024 Financial Results Net sales in the first quarter of 2024 decreased 6% to $67.9 million from $72.5 million in the corresponding period in 2023. Sales declined in the first quarter of 2024 primarily due to lower demand for truck accessories and returnable transport

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Source: SEC EDGAR

accession 0001654954-24-005779

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