Business
The Eastern Company Reports First Quarter 2022 Results Record Net Sales From Continuing Operations; an Increase of 12% Over Prior-Year Period
Net sales from continuing operations grew to a record $69.0 million in the first quarter of 2022, an increase of 12% compared to net sales from continuing
About this update from Eastern Company (the)
[{"type":"text","content":"Net sales from continuing operations grew to a record $69.0 million in the first quarter of 2022, an increase of 12% compared to net sales from continuing operations in the first quarter of 2021. Customer orders were strong and our backlog at the end of the first quarter of 2022 was up 23% to $85.8 million from $69.7 million at the end of the first quarter of 2021.Gross margin was 21% in the first quarter of 2022, compared to 25% in the first quarter of 2021, as raw materials costs accelerated and our latest round of price increases will not take effect until May and June of 2022.Earnings per diluted share from continuing operations for the first quarter of 2022 were $0.43, compared to $0.90 for the first quarter of 2021. Adjusted for one-time items, earnings per diluted share from continuing operations for the first quarter of 2022 were $0.46, compared to adjusted earnings per diluted share of $0.69 in the first quarter of 2021 (See Non-GAAP Financial Measures). The change in earnings was primarily the result of an increase in raw material costs and freight rates partially offset by higher sales volumes.NAUGATUCK, CT / ACCESSWIRE / May 9, 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 first fiscal quarter ended April 2, 2022.President and CEO August Vlak commented, \"Net sales from continuing operations for the first quarter of 2022 increased 12% compared to the first quarter of 2021, a new 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. Sales grew as a result of the increasing momentum of our recently launched truck mirror program and strengthening demand from distributors and aftermarket customers. ACT Research, a commercial vehicle and transportation markets research firm, estimates that Class-8 truck builds will reach 220,000 in 2022, an increase of 12% over 2021, and projects that 265,000 new Class-8 trucks will be built in 2023. Moreover, the increase in new automotive product launches, including several electric vehicle launches, drove an approximately 16% increa...