---
schema_version: "secwatch.filing_event.v1"
accession: "0001654954-24-005779"
form_type: "8-K"
ticker: "EML"
cik: "0000031107"
company_name: "EASTERN CO"
filed_at: "2024-05-08T23:59:59+00:00"
generated_at: "2026-06-02T14:15:59.763218+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001654954-24-005779
- form_type: 8-K
- ticker: EML
- cik: 0000031107
- company_name: EASTERN CO
- filed_at: 2024-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/31107/000165495424005779/0001654954-24-005779-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/31107/000165495424005779/eml_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001654954-24-005779
- JSON: https://secwatch.observer/filing/0001654954-24-005779.json
- Plain text: https://secwatch.observer/filing/0001654954-24-005779.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/31107/000165495424005779/0001654954-24-005779-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.