NAUGATUCK — The Eastern Company recently reported net income growth for the second quarter and the first six months of 2016.
The 157-year-old manufacturer of industrial hardware, security products and metal castings last week posted net income of $2.1 million, or 33 cents per diluted share, for the second quarter. That is up 257 percent from $600,000, or .09 cents per diluted share, for the second quarter of 2015.
Net income for the first six months of 2016 was $2.7 million, or $0.44 per diluted share, compared to $1.5 million, or $0.23 per diluted share during the same period in 2015, an increase of 87 percent, the company reported.
“We are making progress with our efforts to position our best businesses against the most attractive end-markets in order to accelerate organic growth. In addition, we are exploring M&A opportunities that will further strengthen our company’s portfolio,” August Vlak, president and CEO of The Eastern Company, stated in a press release.