Eastern Company Q4 net income $1.6M vs $3.9M; FY2024 net income up 12% to $13.2M

EASTERN CO

Q4 net sales +4.5% to $66.7M; net income $1.6M ($0.26/diluted) vs $3.9M ($0.63) in Q4 2023.
FY2024 net sales $272.8M (+5% YoY); net income $13.2M ($2.13/diluted) vs $11.8M ($1.88) in 2023.
Adjusted EBITDA from cont. ops FY2024 $27.1M vs $25.4M; backlog $89.2M vs $77.1M.
Gross margin in Q4 fell to 23.0% from 26.8% due to higher material costs and non-recurring LIFO adjustment.
CEO Schroeder (joined Nov 2024) appointed new presidents at two of three businesses; focus on faster execution.

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