secwatch.observer — SEC 8-K summary
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Issuer:     EASTERN CO (EML)
CIK:        0000031107
Form:       8-K
Filed at:   2024-05-08T23:59:59+00:00
Accession:  0001654954-24-005779
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/31107/000165495424005779/0001654954-24-005779-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/31107/000165495424005779/eml_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-24-005779

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