The Eastern Company Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 07, 2023 at 04:31 pm EST
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The Eastern Company reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 65.64 million compared to USD 71.64 million a year ago. Net income was USD 3.06 million compared to USD 4.86 million a year ago. Basic earnings per share from continuing operations was USD 0.49 compared to USD 0.72 a year ago. Diluted earnings per share from continuing operations was USD 0.49 compared to USD 0.72 a year ago. Basic earnings per share was USD 0.49 compared to USD 0.78 a year ago. Diluted earnings per share was USD 0.49 compared to USD 0.78 a year ago.
For the nine months, sales was USD 206.47 million compared to USD 210.19 million a year ago. Net income was USD 5.07 million compared to USD 11.93 million a year ago. Basic earnings per share from continuing operations was USD 0.81 compared to USD 1.75 a year ago. Diluted earnings per share from continuing operations was USD 0.81 compared to USD 1.74 a year ago. Basic earnings per share was USD 0.81 compared to USD 1.92 a year ago. Diluted earnings per share was USD 0.81 compared to USD 1.91 a year ago.
The Eastern Company manages industrial businesses that design, manufacture and sell engineered solutions to industrial markets. The Company has one reportable segment: Engineered Solutions. The Engineered Solutions segment provides engineered solutions to support its customers needs in the commercial transportation and logistics markets. It designs, manufactures, and markets a diverse product line of custom and standard vehicular and industrial hardware, including turnkey returnable packaging solutions, access and security hardware, mirrors, and mirror-cameras. It offers a standard product line of rotary latches, compression latches, draw latches, hinges, camlocks, key switches, padlocks, and handles, among other products. Its subsidiary, Velvac Holdings Inc. is a designer and manufacturer of proprietary vision technology for original equipment manufacturers (OEMs) and aftermarket applications, and a provider of aftermarket components to the heavy-duty truck market in North America.
THE EASTERN COMPANY 
