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Eastern Company (EML-3.76%) has submitted its 10-K filing for the fiscal year ended December 28, 2024.
The filing reports net sales of $272.8 million for 2024, an increase from $258.9 million in 2023. Net income for 2024 was $13.2 million, or $2.13 per diluted share, compared to $11.8 million, or $1.88 per diluted share, in 2023.
The company's backlog increased to $89.2 million as of December 28, 2024, primarily due to new mirror programs for Class 8 trucks at Velvac.
Eastern Company operates in the Engineered Solutions segment, which includes businesses like Big 3 Precision, Eberhard, and Velvac, providing products such as vehicular hardware and packaging solutions.
During 2024, Eastern Company sold Big 3 Mold, which is now classified as discontinued operations. The financial results of Big 3 Mold are reflected as discontinued operations in the statements.
The company reported a gross margin of 24.7% for 2024, an increase from 23.9% in 2023, attributed to improved pricing and cost-saving initiatives.
Operating expenses for 2024 included $42.2 million in selling and administrative expenses, which increased by 7.9% from 2023.
Eastern Company maintains a credit agreement with TD Bank and others, with a $60 million term portion and a $30 million revolving commitment portion.
The company reported a total debt of $42.2 million as of December 28, 2024, with a senior net leverage ratio requirement not to exceed 3.5 to 1 under its credit agreement.
Eastern Company expects to continue its policy of paying regular cash dividends, with $2.7 million paid in 2024.
The filing also details various risks, including competition, global operations, and potential impacts from changes in tax laws or regulations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Eastern Company annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.