Eastern Company Q2 net income rises to $3.5M ($0.56/diluted) from $1.4M; backlog up 43% to $107.3M

EASTERN CO

2024-Q2 EPS reported $0.87 revenue$141,080,976

Net income $3.5M ($0.56 diluted) vs $1.4M ($0.22) in Q2 2023; adjusted net income $3.5M ($0.56) vs $2.5M ($0.40).
Revenue $73.2M (+7% YoY); gross margin improved to 25% from 22%.
Backlog increased 43% to $107.3M from $75.3M, driven by truck mirror assemblies and returnable packaging.
Adjusted EBITDA $7.2M vs $5.9M in prior year quarter; six-month adj EBITDA $12.4M.
Company notes softening in commercial vehicle and EV programs affecting custom packaging demand, but highlights operational improvements.

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