NAUGATUCK — The Eastern Company, a Naugatuck-based manufacturer of industrial hardware, security products and metal castings, rebounded from a sluggish second quarter.
The company reported significantly improved results Oct. 22 for both the third quarter and first nine months of 2014.
Net income for the quarter was $2.4 million, or 39 cents per diluted share, a 35 percent increase from $1.8 million, or 29 cents per diluted share, in the same quarter last year. The 35 percent year-over-year increase followed a 22 percent decline in year-over-year net income in the second quarter.
For the first nine months ended Sept. 27, the company reported $5.6 million in net income, or 90 cents per diluted share, a 13 percent increase from $5 million or 80 cents per diluted share in the same period last year.
Leonard Leganza, chairman, president and CEO said in a press release, “The focus and emphasis we have continued to place on earnings and cash flow during the recent period of economic ups and downs and uncertainties have provided the company with a solid financial foundation. We are confident that our current liquidity will be strong enough to sustain our product development projects, which provide the continuing opportunity for organic growth in the markets we currently serve as well as to provide the liquidity we need to acquire businesses which will add long term growth opportunities for the Company. Those strategic objectives will not have any negative impact on our dividend policy and necessary capital expenditures.”
