The Eastern Company reported a fiscal year 2024 net sales of $272.8 million, reflecting a 5% increase from $258.9 million in 2023. The company’s net income rose to $13.2 million, or $2.13 per diluted share, compared to $11.8 million, or $1.88 per diluted share, in the previous year. In the fourth quarter alone, sales reached $66.7 million, up from $63.8 million in the same period last year, although net income for the quarter decreased to $1.6 million from $3.9 million in 2023. The increase in annual sales was primarily driven by higher demand for truck mirror assemblies and returnable transport packaging products.
Significant operational changes included the decision to sell the Big 3 Mold business, which has been classified as discontinued operations. This decision was reflected in the financial results for all periods presented. Additionally, the company acquired certain assets of Sureflex, Inc. in June 2023, enhancing its Velvac subsidiary's product offerings. The closure of Associated Toolmakers, Limited, a European mold tooling service facility, was completed in the second quarter of 2023, further streamlining operations.
The company’s backlog increased to $89.2 million as of December 28, 2024, compared to $77.1 million a year earlier, largely due to new mirror programs for Class 8 trucks. Employee headcount stood at 1,246, with 612 in the U.S. and 634 in other countries. The company reported a working capital ratio of 25.1% in 2024, slightly down from 25.7% in 2023, indicating a stable operational capacity despite fluctuations in inventory and accounts receivable.
The Eastern Company anticipates continued growth driven by strategic acquisitions and product development, although it faces challenges from global economic conditions, supply chain disruptions, and competitive pressures. The company has expressed confidence in its ability to navigate these challenges while maintaining financial discipline and operational efficiency. Looking ahead, management expects to leverage its existing capabilities and market position to enhance shareholder value and sustain growth in the coming fiscal year.
About EASTERN CO
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.