Business
The Eastern Company Reports Second Quarter 2024 Results
Net income for Q2 2024 rises to $3.5 million, or $0.56 per diluted share, compared to net income of $1.4 million, or $0.22 per diluted share, for Q2
About this update from Eastern Company (the)
[{"type":"text","content":"Net income for Q2 2024 rises to $3.5 million, or $0.56 per diluted share, compared to net income of $1.4 million, or $0.22 per diluted share, for Q2 2023.Gross margin increases to 25% in Q2 2024 compared to 22% in Q1 2023.Backlog as of June 29, 2024 rises 43% to $107.3 million from $75.3 million as of July 1, 2023.SHELTON, CT / ACCESSWIRE / August 6, 2024 / 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 second fiscal quarter ended June 29, 2024.President and CEO Mark Hernandez stated, \"Our second quarter results reflect some of the progress we have made in enhancing portions of our business operations over the past 18 months, although much remains to be done. Many of our initiatives have improved gross margins, increased our agility, and enhanced customer relationships. As a result, we were ready to address some specific customer needs when those customers experienced supply chain disruptions. Our ability to react quickly will lead to continuing business opportunities with those customers.\"Mr. Hernandez continued, \"Our overall business transformation program is proceeding, albeit methodically, while we continue to evaluate our business for long term performance and while we focus on our order backlog. At the same time, we are observing some softening in the commercial vehicle market and certain electric vehicle programs which has been negatively impacting the demand for our custom returnable packaging solutions. Much work needs to be done in our pursuit of operational excellence and strengthened customer relationships. We are striving to reach our goal of consistently delivering solid performance and creating value for our shareholders.\"Second Quarter and Six Months 2024 Financial ResultsNet sales in the second quarter of 2024 increased 7% to $73.2 million from $68.3 million in the corresponding period in 2023. Net sales for the first six months of 2024 increased 0.2% to $141.1 million from $140.8 million in last year's period. Sales increased in the second quarter of 2024 primarily due to increased demand for truck mirror assemblies of $8.0 million and returnable transport packaging products of $0.4 million, offset by lower demand for truck a...