Business
The Eastern Company Reports Another Record Setting Quarter Third Quarter 2022 Net Sales From Continuing Operations Grew 12% Over Prior-year Period Earnings Per Share From Continuing Operations Grew 18% Over Prior-Year Period
Net sales from continuing operations grew to a new record of $71.6 million in the third quarter of 2022, an increase of 12% compared to net sales from
About this update from Eastern Company (the)
[{"type":"text","content":"Net sales from continuing operations grew to a new record of $71.6 million in the third quarter of 2022, an increase of 12% compared to net sales from continuing operations in the third quarter of 2021. Orders remained strong and the backlog at the end of the quarter increased to $85.7 million compared to $83.1 million in the prior year quarter.Earnings per diluted share from continuing operations for the third quarter of 2022 were $0.72, compared to $0.61 for the third quarter of 2021. The change in earnings was primarily the result of an increase in sales volumes.Balance sheet continues to remain solid with a strong current ratio of 2.9x for the third quarter of 2022, compared to 2.7x for the third quarter of 2021. The Company repaid nearly $3 million of debt in the third quarter of 2022 and announced that it repaid an additional $5 million of debt after the end of the quarter.Adjusted EBITDA from continuing operations (a non-GAAP measure) was $7.7 million compared to $7.1 million for the third quarter of 2021.NAUGATUCK, CT / ACCESSWIRE / November 7, 2022 / The Eastern Company (\"Eastern\" or the \"Company\") (NASDAQ:EML), an industrial manufacturer of unique engineered solutions serving commercial transportation, logistics, and other industrial markets, today announced the results of operations for the third fiscal quarter ended October 1, 2022.President and CEO August Vlak commented, \"Net sales from continuing operations for the third quarter of 2022 increased 12% compared to the third quarter of 2021. This is the third time this year that we set a record quarterly sales level for Eastern. We believe this sustained growth demonstrates that our businesses are effectively executing on the very favorable long-term demand trends across our core markets. Strong orders and deliveries of returnable transport packaging at Big 3 Precision account for most of the growth in the quarter, compared to the same period last year. Growth in our transport packaging business is the result of our recent investments in this business and the increase in new vehicle launches by OEMs. According to Bank of America, OEMs expect to launch 245 new models during 2023-26, or an average of 61 per year. This rate of vehicle launches is more than 50% above the average number of models launched per year between model years 2003 and 2022.\"Our backlog at the...