Business
The Eastern Company Reports Fourth Quarter And Full-Year 2022 Results Full-year Net Sales From Continuing Operations Increased 13%
Strong demand across core markets, combined with superb execution by our teams, drove growth in net sales from continuing operations to $279.3 million in
About this update from Eastern Company (the)
[{"type":"text","content":"Strong demand across core markets, combined with superb execution by our teams, drove growth in net sales from continuing operations to $279.3 million in 2022, an increase of 13% compared to net sales from continuing operations in 2021.To streamline our portfolio of businesses and build scale in our largest businesses, we divested Argo EMS in the fourth quarter of 2022. With this divestiture completed, we are focused on accelerating organic growth, new product innovation, and margin enhancement at our core businesses.Eastern's balance sheet remains strong with net leverage of 2.27x as of the end of 2022, down from 2.46x at the end of 2021. We made total debt payments of $17.5 million, of which $10.0 million was a repayment of the revolving credit facility, partly funded by the proceeds of our recent divestiture.SHELTON, CT / ACCESSWIRE / March 14, 2023 / The Eastern Company (\"Eastern\") (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 fourth fiscal quarter and full-year ended December 31, 2022.President and CEO Mark Hernandez commented, \"Net sales from continuing operations for 2022 increased 13% compared to 2021, due to demand across a broad range of our commercial vehicle and industrial markets. In addition, sales of new products, including several new truck mirror program launches, contributed significantly to sales growth at Velvac. Similarly, net sales from Big 3 Precision Products, our returnable transport packaging business, grew by 33% compared to 2021, as our customers stepped up preparations for new product launches that are scheduled to take place in 2023.\"\"Our backlog at the end of 2022 was $72.5 million, a decrease of $10.3 million, or 12% from the backlog at the end of 2021. The decrease in backlog was primarily the result of timing as we transition from old to new programs with our commercial vehicle and automotive customers.\"Mr. Hernandez added, \"2022 proved to be another challenging year post-COVID. Each of our businesses experienced varying degrees of instability due to freight bottlenecks, and cost fluctuations for freight and raw materials. Our teams continued to execute well in a very challenging market environment. All our businesses experienced supply ch...